Feb 03,2021 | 1 min read

#QuoteUnquote on Delhi High Court's notice for regulating money lending apps with Advocate Manisha Bhosale

Delhi High Court's notice for regulating money lending apps

Hearing the petition through video conferencing, the division bench of Chief Justice D.N. Patel and Justice Jyoti Singh issued notice. The PIL has been filed by Dharanidhar Karimojji alleging that un-regulated platforms are offering and providing loans to the needy through online apps. They deduct almost 30% to 45% of loan money as platform fees, processing fees, etc. and transfer the remaining money to the borrower’s bank accounts. The Counsel for the petitioner submitted, “A caution note was also circulated by the Reserve Bank of India on December 23, 2020,” with regards to these unauthorised digital lending platforms/ mobile apps promising quick digital loans “These platforms promise quick loans and is a business of tens of thousands of crores with interest ranging from 1% per day to 1.50% per day,” the counsel added. The petition has sought directions: i. To regulate and control the working of online digital lenders doing business through mobile app or any other platform; ii. To stop charging exorbitant interest on the loan from borrowers; iii. To stop harassment of borrowers from recovery agents of online digital lenders; iv. To fix the maximum rate of interest chargeable by online digital lenders; v. To set up a grievance redressal mechanism for borrowers in every state, to resolve the problems they face from online digital lending app operators or their agents, within a specific time.

Panelist :- - Adv. Manisha Bhosale Owner, Manisha & Associates Advocates Profile: https://www.lawyered.in/lawyer-profil... - Piyush Jain Chief Operating Officer Fintech Startup Phocket Moderator : Rahul Trivedi, CoFounder StartupNews.fyi

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Practicing in Mumbai since then and having my law chamber as Manisha & Associates Advocates with few juniors at Vashi, Navi Mumbai. We are practicing in all kind of civil and corporate recovery matters, matrimonial divorce matters, consumer complaint, domestic violence matters, cheque bouncing cases, property matters and title investigation of properties, recovery of salaries of employees, NLCT company matters,.