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Are personal loans banned?

 

Due to the fact that crores of people worldwide and in India are cheated by fly by night operators who fraudulently float deposit schemes and offer high rates of interest and then vanish overnight, the government has framed strict regulations to put a halt to such schemes. Companies Act, SEBI Regulations, RBI Regulations, IRDAI and more have very stringent regulations that govern deposit schemes. However, individuals, partnership firms and unincorporated entities have been left out of these rules and continue to take advantage of this. Hence, to put a curb on them, the government has recently come out with an ordinance that bans unregulated deposit schemes. A host of new rules have been laid out and we examine its features and dispel prevailing doubts and confusion.

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