New Delhi, July 22 -- With the rapid rise of digital lending across the nation, thousands of aspirational borrowers are turning towards personal loan applications for instant access to funds. This is done primarily to meet day to day expenses. Still, before moving ahead, it is crucial to keep in mind that alongside genuine lending institutions, a wave of fraudulent personal loan applications have also entered the lending market.

This poses serious challenges and risks to user data, their money, psychological peace and the economic future of borrowers. To combat digital frauds, credit card scams along with protecting borrowers from shady lending institutions the Reserve Bank of India (RBI) has released warnings, press notes and directions...