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Digital Lending Notice

Digital Lending Notice

Do not re-pay loan until 30-06-2021

(Policy Revised on 31st May 2021) – Loan Re-payment is at borrowers choice.

  • All third Party outsourced collection agents have been Terminated
  • All Digital lending Apps have been Terminated
  • No Collection calls allowed, No SMS, No Email either by any agent or Company. Company has extended your loan until 30th June 2021 without ant interest or penalty or fees.
  • In case you wish to make payment please email at [email protected]
  • Report your issue at [email protected]

Digital Lending Notice

Recently some scammer have started sending his person bank account to collect loans and also just to show the trust they are also sending the company bank A/c, this is an attempt to do scamming and damage the company reputation. Please note neither company or its agents will do any collection activity. Collection in any manner is restricted until further Notice.

Covid-19, 2nd wave Pandemic has created a lot of stress over individuals and business Owners. Recently in April-21 and May-21 we have seen spike in the Covid cases, hence company has decided to revised its digital lending notice with effect from 31st May2021 and loan re-payment date has been extended until 30th June 2021.
The Special Relief has been offered for the borrowers who may opt to pay the loan amount until June 2021 considering the current Covid Situation in India. Carefully note to make payment to even the designated Rhino finance Bank Account. We recommend not to make payments until we approve your request via registered email id

The special relief is applicable for the loan sanctioned amount below Rs. 50,000/- You can prefer to pay after 30th June, 2021.

  • The Borrowers are advised to re-pay only Principal Amount after deducting the processing fees. The 100% Waiver of processing fees has been approved.
  • No interest, penalty or overdue fees/charged will be levied in case borrowers All digital lending apps has been terminated, they are not allowed to do any collection, the borrowers may opt to re-pay the loan in the designated bank A/c of the NBFC after 30th June 2021.
  • In case you receive any collection calls on the behalf of Rhino Finance Pvt Ltd or Any digital lending Partner of the Rhino Finance Pvt Ltd. Please immediately report this issue at [email protected] or call at +91-9319484074 . We have observed that some unknown fraudster are calling to our customers for the re-payment of loan. Further payment is being requested in the personal A.c and same time company account is also shared when they abuse borrowers. In such circumstances we request general public to do not make payment and immediately report such issue to us. The group of fraudsters are engaged in the cybercrimes and damaging the reputation of the company. In this regard we have already submitted our complaints to the authority.

Way forward?

The Reserve Bank of India (RBI) on Wednesday 13th January 2021 announced the setting up of a working group (WG) on digital lending, including through online platforms and mobile apps. The committee will be responsible for suggesting specific regulatory measures in the realm of digital lending, among other things. The move is the latest in the central bank's attempt to tackle fly-by-night lending apps which have been offering digital loans to undeserved customers. Of late, these platforms have come under the regulator's glare for their adoption of coercive means of loan recovery.

Further, the WG will be expected to recommend measures, if any, for expansion of specific regulatory or statutory perimeters and suggest the role of various regulatory and government agencies. It shall also recommend a fair practices code for digital lending players, in sourced or outsourced, and suggest measures for enhanced consumer protection. In addition, the recommendation of measures for robust data governance, data privacy and data security standards for deployment of digital lending services will come under the group's purview.

After the conclusion from WG on the digital lending and Notification on the digital lending by the RBI, The Company will re-visit its app based digital lending business till now this vertical of our business will be suspended/on hold until further notice.

No New Loan will be sanctioned via digital lending apps. The company will continue to approve the unsecured business loans above Rs. 60,000, Loan Against Property above Rs. 100,000/- after proper physical verification of the borrowers and following internal risk assessment by the company.

The Reserve Bank of India (RBI) on Wednesday 13th January 2021 announced the setting up of a working group (WG) on digital lending, including through online platforms and mobile apps. The committee will be responsible for suggesting specific regulatory measures in the realm of digital lending, among other things. The move is the latest in the central bank's attempt to tackle fly-by-night lending apps which have been offering digital loans to undeserved customers. Of late, these platforms have come under the regulator's glare for their adoption of coercive means of loan recovery.

Further, the WG will be expected to recommend measures, if any, for expansion of specific regulatory or statutory perimeters and suggest the role of various regulatory and government agencies. It shall also recommend a fair practices code for digital lending players, in sourced or outsourced, and suggest measures for enhanced consumer protection. In addition, the recommendation of measures for robust data governance, data privacy and data security standards for deployment of digital lending services will come under the group's purview.

After the conclusion from WG on the digital lending and Notification on the digital lending by the RBI, The Company will re-visit its app based digital lending business till now digital lending business will be suspended/on hold until further notice.

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