Is PhonePe Loan App Safe? RBI DLA Directory Verdict
Directory checked 2026-10-12
- ✅ Listed in RBI's DLA directory as “PhonePe”
- 🏛️ Deployed by: 4 regulated entities (see below)
- 📧 Grievance officer: NA
- 🛡️ Complaint route: RBI CMS portal (free)
🔍 PhonePe — What RBI's DLA Directory Records
| Regulated entity | CARS24 FINANCIAL SERVICES PRIVATE LIMITED (NBFC) |
| LSP (Lending Service Provider) | PhonePe Lending services Private Limited |
| Entity website | https://www.cars24.com/loans24/used-car-loan/ |
| Grievance officer | Ms. Khyati Agrawal |
| Grievance contact | NA · 8068727777 |
| Regulated entity | IDFC FIRST BANK LIMITED (BANK) |
| LSP (Lending Service Provider) | PhonePe Lending Services Private Limited |
| Entity website | https://www.idfcfirstbank.com/personal-banking/adlp/digital-lending-partners |
| Grievance officer | Ms. Ashwini Iyer |
| Grievance contact | lending-grievance@phonepe.com · 8068727374 |
| Regulated entity | INNOFIN SOLUTIONS PRIVATE LIMITED (NBFC - P2P) (NBFC) |
| LSP (Lending Service Provider) | PhonePe Lending Services Private Limited |
| Entity website | https://www.innofin.in/ |
| Grievance officer | Ms. Rithvi Somani |
| Grievance contact | rithvi.somani@phonepe.com · 8068727374 |
| Regulated entity | L&T FINANCE LIMITED (FORMERLY L&T FINANCE HOLDINGS LIMITED) (NBFC) |
| LSP (Lending Service Provider) | PhonePe Lending Services Private Limited |
| Entity website | https://www.ltfinance.com/ |
| Grievance officer | Ms. Rithvi Somani |
| Grievance contact | https://grievance.phonepe.com/ · 8068727374 |
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Source: RBI — Digital Lending Apps deployed by Regulated Entities (public directory), checked 2026-10-12. Listings are reported by the regulated entities on RBI's CIMS portal without further validation by RBI — a listing is not an RBI endorsement. Always confirm the lender named inside the app matches the entity above before sharing documents.
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❓ Quick Answers
Is PhonePe loan app safe?
PhonePe is listed in RBI's public directory of Digital Lending Apps, deployed by 4 regulated entities including CARS24 FINANCIAL SERVICES PRIVATE LIMITED (NBFC). The listing is reported by the regulated entity on RBI's CIMS portal — always confirm the lender named inside the app matches one of these entities before sharing KYC.
Which lender is behind PhonePe?
PhonePe is deployed by 4 RBI-regulated entities: CARS24 FINANCIAL SERVICES PRIVATE LIMITED, IDFC FIRST BANK LIMITED, INNOFIN SOLUTIONS PRIVATE LIMITED (NBFC - P2P), L&T FINANCE LIMITED (FORMERLY L&T FINANCE HOLDINGS LIMITED). Your loan agreement names the specific entity for your loan — check it there.
PhonePe customer care / grievance contact?
The grievance redressal officer on record for CARS24 FINANCIAL SERVICES PRIVATE LIMITED is Ms. Khyati Agrawal — NA, 8068727777. Use this official contact, not helpline numbers found via Google search (scam helplines target loan-app users).
How do I complain against PhonePe?
Step 1: raise the issue inside the app. Step 2: email the grievance officer (NA). Step 3: no resolution in 30 days — escalate free to the RBI Ombudsman at cms.rbi.org.in.
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