Regulate Moneylenders

Per the LocalCircles survey lots of faudulent activity is happening by instant loan apps and RBI is taking action.

https://www.localcircles.com/a/press/page/instant-loan-apps-survey

I have a bigger question and that is money lenders in every nook and corner of India who squeeze poor just like these apps.

These money lenders require just a registration with tehsildar office which in 95% cases is pay a bribe directly or through facilitator and get registration.

Shouldn’t we get this cleaned up too? Perhaps require RBI registration of all moneylenders. more  

View all 8 comments Below 8 comments
A major reform is required to end this system of personal loans where people pawn some valuable item as security for the loan. lender charges very high interest rate. Government should start a similar system in banks of Loan against Pawned item to meet urgent requirement of personal loan not exceeding say 10000 Rupees. The interest rate should be 1% less than home loan rate. more  
This is an important issue, should be taken care of at the RBI level. more  
Yes, I agree more  
I agree the loan sharks, and not ALL money lenders are loan sharks, must be restrained from making exorbitant interest rates. This may be a State issue. Along with it, we should devise a way to cut out the bribery. This, again, may be a State issue. Is tackling State issue within the scope of Local Circles? more  
Money lending business by individuals should be regulated as they charge 2-3% intt. after taking gold as security. They are squeezing the needy people like credit card companies. more  
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