Customers are facing problems in digital loans, banks need to keep an eye on black patterns in loans: RBI DG

Reserve Bank of India (RBI) Deputy Governor M Rajeshwar Rao took note of the problems being faced in digital loans. He said yesterday that the bank needs to focus on redressal of customer complaints. He says that the bank is giving loans to the customers but is not paying attention to their complaints.

Speaking at the FIBAC event, Rao said that it is quite unfortunate that customer complaints are not resolved in time. The bank needs to pay attention to the problems of the customers. He says that he is proud of the service the bank provides to the country, but it looks very strange when customer complaints are not being redressed.

According to Rao, the boards of banks need to 'seriously consider' the complaints of customers.

Banks need to focus on strengthening cyber security and prevention of cyber fraud in the hyper-personalized and tech-banking environment. There is a possibility of increasing the number of cases like fraud in digital loans. This is a kind of dark pattern. In such a situation, the bank also needs to pay attention to the design interface and strategy.

Many times customers get stuck in the high cost of Instant Loan. In such a situation, the bank needs to pay attention to this also.