State Bank of India (SBI) has cautioned against loans being offered by unauthorised digital platforms, mobile applications promising a quick and hassle-free process. “Beware of fraudulent instant loan apps! Please do not click on unauthorized links or provide your details to an entity impersonating as SBI or any other bank. Visit https://bank.sbi for all your financial needs,” Country’s top lender SBI tweeted.
Apart from giving the message to its customers of the fraudulent instant loan apps which could be a trap, the country’s top lender has also shred some safety tips
Safety tips
-Check the terms and conditions of the offer.
-Avoid clicking on suspicious links.
-Check the authenticity of an app before downloading
-Visit https://bank.sbi for all your financial needs
Legitimate loans can be offered by banks, non-banking financial companies registered with RBI and entities which are regulated by the state governments.
Last month, the Reserve Bank of India (RBI) had warned individuals and small businesses against falling prey to a growing number of unauthorised digital lending platforms.
These platforms charge excessive rates of interest and additional hidden charges, adopt unacceptable and high-handed recovery methods and misuse agreements to access data on mobile phones of borrowers.
“Members of the public are hereby cautioned not to fall prey to such unscrupulous activities and verify the antecedents of the company/firm offering loans online or through mobile apps,” said the central bank.
Moreover, consumers should never share copies of Know Your Customer (KYC) documents with unidentified persons, unverified/unauthorised apps and should report such incidents to concerned law enforcement agencies.
From time-to-time, SBI keeps alerting its customers warning them about phishing trends and methods to safeguard them against such frauds. SBI keeps its customers informed through its official Twitter handle (@TheOfficialSBI).
SBI is the largest commercial bank in terms of assets, deposits, branches, customers, and employees. It is also the largest mortgage lender in the country.
