Bharat Singh, a resident of the eastern village of Ghosi in Uttar Pradesh, borrowed Rs 15,000 for his sister’s wedding through a loan app he came across on Instagram called UnicashX.
There was little guidance if this was a genuine lender. Instagram didn’t raise a red flag and nor did the Reserve Bank of India (RBI). Singh didn’t suspect much since the app claimed it was backed by a non-banking financial company (NBFC), and NBFCs are regulated by the RBI.
This story is subscriber only!
Now subscribe at a special Republic Day offer of Rs 75/month.
Subscribe Now
Already a subscriber? Sign in