PIL seeks regulating online lending platforms; HC seeks Centre, RBI stand

NEW DELHI: The Delhi High Court Friday sought response of the Centre and the RBI on a PIL seeking regulation of online lending platforms offering short-term personal loans at exorbitant interest rates through mobile apps, and allegedly humiliating and harassing people in case of delay in repayment.

A bench of Chief Justice D N Patel and Justice Jyoti Singh issued notice to the Finance Ministr y and Reserve Bank of India (RBI) seeking their stand on the plea which has claimed that such lending platforms charge exorbitant interests on the loans given by them.

Lawyers desirous of sharing important judgements, with a word count of up to 200, can send them to fpjcitydesk@gmail.com. Newspieces that meet all the requisite criteria, as per the editor ’s discretion, will be published in The Free Press Journal.