#DelhiHighCourt to hear a plea seeking regulation of Online Lending platforms charging exorbitant rates of interest from small borrowers.
#OnlineLending
@pbhushan1
#OnlineLending
@pbhushan1
Advocate Prashant Bhushan submitted that after the Court issued notice, the Government issued a circular for the lending platforms in general and later the a expert committee had submitted its report and since then they are taking time.
There are several platforms which are not registered as an NBFC, the authorities are in power to take appropriate action, Bhushan added.
Bhushan: There are many of these digital lending platforms who lends on exorbitant amount of interest and employing strong arm tactics to recover this money. So we need redressal system.
The Counsel appearing for the authority submitted that we have put the regulatory framework and annexed the same on our affidavit.
The same is not on record.
The bench has listed the matter for January 12, asking Bhushan to see what else is required.
The same is not on record.
The bench has listed the matter for January 12, asking Bhushan to see what else is required.
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