Two Chinese and as many Indian nationals were recently arrested for allegedly operating instant loan apps in Chennai. Of late, there have been many instances of app-based money-lenders harassing borrowers over repayment which led to borrowers taking extreme steps. In other news, another PMC bank depositor lost his life after not getting his deosited hard-earned money back. In this episode of the Editorial, our Managing Editor Mr Sujit nair asks why the RBI should not introduce KYB (Know Your Bank) to help depositors identify whether the banks are ailing or not.
#RBI #AppLoanScam #PMCBankScam #KYC #KnowYourBank #KYB #KnowYourCustomer
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