The government has introduced the Banning of Unregulated Lending Activities (BULA) Bill to combat unauthorized lending practices, imposing penalties including up to seven years of jail and fines as high as ₹1 crore. This proposed legislation defines "public lending activity" and targets unregulated lenders while excluding loans to relatives. Violations are classified as non-bailable offenses with stringent punishments for harassment of borrowers, extending up to 10 years in prison and double the loan amount in fines. With recommendations from the RBI’s Working Group on Digital Lending and public feedback open until February 13, 2025, the Bill marks a significant step toward regulating the lending ecosystem in India.
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Lending penalties India,CBI investigation lending fraud
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