Mumbai: The Reserve Bank of India is not interested in penalizing operators or stifling innovation but wants them to follow the rules of the game, governor Shaktikanta Das said on Tuesday while warning against mushrooming of lending apps and their usurious recovery prices.
Addressing the third edition of the global fintech summit here this evening, he said the intention of the central bank is not to penalize or stifle anyone but to ensure that everyone follows traffic rules.
The statement assumes importance in the wake of the recent incidences wherein a few people who borrowed through these apps have been forced to commit suicide and the last week’s incidence of a young pregnant woman being mowed down by the recovery agents of Mahindra Finance which financed her father’s tractor in Bihar.
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