The Reserve Bank of India's complaint cell has referred two digital lenders to the RBI's supervisors after examining how they contacted a borrower's employer. In both cases the company told the RBI it had contacted the employer under the loan agreement. In both, the cell looked at the agreement and recorded that it did not allow that.
The lenders are Ampire Finance Pvt Ltd, the company behind SalarySetu, SnapPaisa and F1SpeedLoan, and Naman Finlease Pvt Ltd, the company behind Qualoan, Zaylo Loan, Funds Bull and Zepto Finance. The RBI's Consumer Education and Protection Cell (CEPC) set out its findings in closure letters dated 30 September 2026, on complaints filed by a salaried professional after the lenders' e-mails reached his workplace.
Oquilia first reported those e-mails on 13 August, in an investigation of ten recovery e-mails that exposed more than 1,250 borrowers. What follows is quoted from the RBI's closure letters and from the companies' own written replies. It records what those documents say and adds nothing to them.
What the RBI recorded about Ampire Finance
The RBI's Consumer Education and Protection Cell (CEPC) recorded that the company "has acknowledged contacting the employer as per the loan agreement". It found that "a perusal of the Loan agreement reveals that there are no clauses which permit the RE to contact the employer for requesting assistance in contacting the employee/complainant/borrower or convey its message or to share his contact information. Therefore, the RE is in non-compliance of the agreed terms and conditions of the loan agreement and in non-compliance to extant regulatory guidelines". It recorded that "The action of the RE viz., unauthorized contact of the employer has been forwarded to the Department of Supervision, Central Office, RBI for necessary action". It also recorded the company's statement that "it has ceased further employee communication". Before the closure, on 8 September 2026, the company had written to the borrower, in the names of both SalarySetu and SnapPaisa: "the employer communication was initiated by our collection team".
What the RBI recorded about Naman Finlease
The CEPC recorded that "The entity has stated that communication with the employer was undertaken for verification purposes as per loan agreement and has acknowledged the inadvertent disclosure of email addresses to multiple recipients due to human error." It went on: "We observed that the Disclosure clause of the agreement referred by the entity does not permit it to contact the employer and advised it not to contact the employers. We have also referred the matter to the Supervisory Department." In replies to the borrower on 2 September 2026, Qualoan said its e-mail to the employer "was sent solely for verification purposes", and Zaylo Loan said its recovery e-mail "was inadvertently sent with multiple recipients visible in the "To" field due to a human error by the concerned agent."
A third closure: Loan112
Closing another of the borrower's complaints on 14 October 2026, the CEPC recorded that Devmuni Leasing & Finance Ltd, the company behind Loan112, "acknowledged a deviation in the recovery communication dated 23 July 2026 and stated that a warning letter had been issued to the concerned executive."
What happens next
The letters close individual complaints. Any further step on the two referrals is for the RBI's supervisors, and Oquilia will report it if one is made public. Replies from other companies named in the investigation, and Loan112's own statement of account, are set out in the 18 October update to the investigation.
If a lender has contacted your employer
The RBI's Fair Practices Code bars a lender and its agents from contacting a borrower's employer, family or references to pressure them over a loan. Keep the e-mail your employer received, with its date, and complain in writing to the lender's grievance officer first. If the complaint is rejected, or not answered within 30 days, take it to the RBI at cms.rbi.org.in.
Two things decided complaints in this file:
- Answer the RBI on time. While an Ombudsman complaint is running, the RBI's office may e-mail you the company's reply and ask for your comments by a stated date. In the two cases followed here, that date was three days later. If no comments arrive, the complaint can be closed on the company's reply alone. Watch your inbox and spam folder, and reply from the e-mail address you registered the complaint with.
- Upload proof that your earlier complaint reached the company. In one complaint followed here, the company told the RBI it had never received the borrower's earlier notice, and the RBI noted that the uploaded papers contained only transcript copies. Upload the delivered e-mail itself, showing its date and the address it went to, or the postal tracking record.
To check whether a lender is registered with the RBI, use sachet.rbi.org.in. Report threats, or messages sent to your contacts, at cybercrime.gov.in or on 1930.
More on these lenders: SalarySetu · SnapPaisa · Qualoan · Zaylo Loan
Right of reply
Every company named on this page is invited to respond. If any figure, date, count or description here is inaccurate, write to us with the correcting document and we will publish the correction, or the response in full, alongside this article without charge and without editing its substance.
No adjudication
Except for the Reserve Bank of India closure letters quoted on this page, no court, tribunal, ombudsman or regulator has adjudicated any of the conduct described here; those letters are quoted exactly and are not characterised further. Nothing here asserts that any company acted unlawfully, beyond what the quoted RBI letters themselves record, or asserts any intent, motive, knowledge or state of mind. The registration status of any lender is a matter for the Reserve Bank of India alone. Each described act is stated with its date and sourced to the company's own document.
Source
RBI Consumer Education and Protection Cell closure letters of 30 September and 14 October 2026; the companies' written replies
