Beware of illegal digital lending apps: RBI
4 years ago

Beware of illegal digital lending apps: RBI

The Hindu  

The Reserve Bank of India has advised public to be wary of unauthorised digital lending platforms and mobile apps. Taking note of reports about individuals and small businesses falling prey to a growing number of unauthorised digital lending platforms/mobile apps, the central bank on Wednesday said “members of public are cautioned not to fall prey to such unscrupulous activities.” It urged them to verify antecedents of the company/ firm offering loans online or through mobile apps. They also pointed to how unauthorised digital lending platforms/mobile apps attracted borrowers with promise of loans in a quick and hassle-free manner. Cautioning people against falling prey to “such unscrupulous activities,” the RBI said “legitimate public lending activities can be undertaken by banks, non-banking financial companies registered with RBI and other entities who are regulated by the State governments under statutory provisions, such as the money lending acts of the States concerned.” Online complaint The central bank also advised consumers never to share copies of KYC documents with unidentified persons or unverified/unauthorised apps. The RBI said it had mandated digital lending platforms used on behalf of banks and NBFCs to disclose name of the bank or NBFC upfront to the customers.

Mobile Apps Apps Rbi Lending  digital  prey  apps  unauthorised  illegal  nbfcs  borrowers  public  rbi  beware  mobile  lending

History of this topic

Govt proposes new legislation to curb proliferation of illegal lending apps
4 days, 2 hours ago

Govt proposes new legislation to curb proliferation of illegal lending apps

New Indian Express  

NEW DELHI: The government is planning a comprehensive legislature to curb the proliferation of illegal lending apps. The department of financial services, Ministry of Finance, has prepared a draft bill, which proposes severe punishment with jail term of up to 10 years and monetary fines of up to `1 crore for those found involved in promoting unregulated lending activities. The …

Delete these 15 fake loan apps now to protect your bank account, over 80 lakh users affected
3 weeks, 5 days ago

Delete these 15 fake loan apps now to protect your bank account, over 80 lakh users affected

India TV News  

India ranks as the number one country for downloading fake apps, according to a recent report by McAfee. McAfee has identified 15 specific fake loan apps that have been downloaded by millions—about 8 million users in total—mostly from the Google Play Store. These fake loan apps often ask for various permissions when installed, such as access to your calls, messages, …

What is the Unified Lending Interface by the RBI? | Explained
3 months, 2 weeks ago

What is the Unified Lending Interface by the RBI? | Explained

The Hindu  

The story so far: The Reserve Bank of India, as part of its strategy to create digital public infrastructure in the country, has announced that a new technology platform called the Unified Lending Interface would be introduced by the Reserve Bank Innovation Hub, Bengaluru which will enable friction-less credit to farmers and MSME borrowers to begin with. ULI is a …

ED Files Complaint Against NBFCs and Fintech Firms in Loan Scam
4 months ago

ED Files Complaint Against NBFCs and Fintech Firms in Loan Scam

Deccan Chronicle  

Hyderabad: The Directorate of Enforcement, Hyderabad Zonal Officials, have filed Prosecution Complaint against several NBFCs, Fintech companies and individuals involved in instant loan lending business through various mobile applications before the Special MSJ Court, Nampally, Hyderabad under the provisions of Prevention of Money Laundering Act, 2002 and the Court has taken cognizance of the complaint. ED initiated investigation on the …

Letters to The Editor — August 5, 2024
4 months, 2 weeks ago

Letters to The Editor — August 5, 2024

The Hindu  

Conduct an inquiry With the toll mounting in the Wayanad landslide, there needs to be a complete study into the root causes. Mani Nataraajan, Chennai Yamini Krishnamurthy Yamini Krishnamurthy made Indian classical dance forms well known across the world. Subramaniam, Navi Mumbai Yamini Krishnamurthy exemplified the truth, in the words of Havelock Ellis, that “Dancing is the loftiest, the most …

RBI alarmed at lakhs of bank accounts being used for fraud: Report
5 months, 1 week ago

RBI alarmed at lakhs of bank accounts being used for fraud: Report

Live Mint  

The Reserve Bank of India expressed its surprise at some banks having lakhs of accounts that are used for fraudulent transactions and evergreening loans, reported Business Standard. We found certain banks having lakhs of such accounts with apparently no valid reason,” RBI Deputy Governor Swaminathan J said on Tuesday in his address to banks, with chief financial officers and auditors …

Indian consumers still falling prey to unlawful loan applications: Report
8 months, 1 week ago

Indian consumers still falling prey to unlawful loan applications: Report

India TV News  

One-third of the high-confidence customers have limited knowledge about their digital loans in India. A recent report from the Fintech Association for Consumer Empowerment shared the insights from a customer survey which was conducted between December 2023 and January 2024 to systematically understand the gaps in users' approaches and knowledge about Digital Lending Applications in India and it further drives …

RBI ban on Bank of Baroda World app: Finance ministry's likely plan on frauds
8 months, 1 week ago

RBI ban on Bank of Baroda World app: Finance ministry's likely plan on frauds

Hindustan Times  

Union finance ministry may propose stricter measures to protect citizens from cyber fraud, it was reported. This comes after an increase in incidents of frauds, including the Bank of Baroda World app scam, the Times of India reported citing sources who “mentioned a recent inter-ministerial meeting focused on bolstering cybersecurity and tackling financial fraud”, it noted. In October 2023, the …

The impact of technology on finance: Enhancing experiences and safety
8 months, 1 week ago

The impact of technology on finance: Enhancing experiences and safety

Hindustan Times  

The proliferation of financial technology and digital banking services has revolutionised the financial landscape, making access to finance more convenient and inclusive. The prominence of fintech platforms and the increasing digitalisation of banks have democratised financial services, expanding access beyond metropolitan cities. There is a significant increase in instances of fraudsters posing as employees of fintech platforms, attempting to obtain …

Why is RBI so cranky about fintech firms after Paytm crisis?
10 months ago

Why is RBI so cranky about fintech firms after Paytm crisis?

Hindustan Times  

First, Paytm was asked to freeze its banking business, a crackdown so severe that India’s pioneering digital payments firm bled out nearly 60% of its market value in two weeks. While freezing fresh credits into Paytm Payments Bank accounts for “persistent non-compliances and continued material supervisory concerns,” RBI mandated that the bank terminate the nodal accounts of One 97 Communications …

Google removed over 2200 fraudulent loan apps from Play Store
10 months, 2 weeks ago

Google removed over 2200 fraudulent loan apps from Play Store

Deccan Chronicle  

New Delhi: The government on Tuesday informed Parliament that Google has suspended or removed more than 2,200 fraudulent loan apps from its Play Store between September 2022 and August 2023. “The government is constantly engaged with the Reserve Bank of India and other regulators and stakeholders concerned to control fraudulent loan apps,” minister of state for finance Bhagwat K Karad …

Google removes 2,200 fraudulent loan apps from Play Store: MoS Finance
10 months, 2 weeks ago

Google removes 2,200 fraudulent loan apps from Play Store: MoS Finance

Hindustan Times  

The government is constantly engaged with the Reserve Bank of India and other regulators and stakeholders concerned to control fraudulent loan apps, Minister of State for Finance Bhagwat K Karad said in a written reply to Rajya Sabha. HT Image "As per the information received from MeitY, during April 2021-July 2022, Google had reviewed approximately 3,500 to 4,000 loan apps …

Caught in a web | Non-cooperation of banks and internet intermediaries a big hurdle for cybercrime probes
10 months, 3 weeks ago

Caught in a web | Non-cooperation of banks and internet intermediaries a big hurdle for cybercrime probes

The Hindu  

A fake investment scheme cracked in October 2023, involving a network of 84 bank accounts with transactions worth over ₹850 crore, and a work-from-home scam unearthed last week, involving a network of 30 bank accounts with transactions worth over ₹150 crore, were detected by following the trail of money laundered through several bank accounts. “Opening these bank accounts is a …

Harmonizing Horizons: Unravelling Digital Lending Regulations in a Global Context
11 months ago

Harmonizing Horizons: Unravelling Digital Lending Regulations in a Global Context

Live Law  

Driven by technical improvements and improved internet access, digital lending is on the rise in India with the goal of improving financial inclusion. The Consumer Financial Protection Bureau plays a pivotal role in enforcing federal consumer protection laws, recently issuing guidelines tailored for digital lending platforms. United Kingdom Within the United Kingdom, oversight of digital lending platforms falls under the …

Fraudulent loan apps proliferate in India. But how big of a problem are they?
11 months, 3 weeks ago

Fraudulent loan apps proliferate in India. But how big of a problem are they?

Firstpost  

The Centre has ordered popular social media platforms and other websites not to host The Centre is cracking down on fraudulent loan apps. The government on Wednesday ordered social media platforms and other websites not to host Union minister Rajeev Chandrasekhar said, “One of the areas we are now cracking down on is advertising of fraudulent loan apps that many …

The dark world of illegal loan apps in India
11 months, 4 weeks ago

The dark world of illegal loan apps in India

Al Jazeera  

Borrowers are harassed by reps of lending apps who abuse, threaten and blackmail them by accessing their contacts, pics. Kreditbe’s name is a rip-off of a legitimate loan app called KreditBee, a common modus operandi for these illegal loan apps which often choose names similar to reputable brands to create a sense of authenticity. In the last three years, Loan …

RBI enhances UPI payment limits for healthcare and education
1 year ago

RBI enhances UPI payment limits for healthcare and education

The Hindu  

Along with steps to protect borrowers availing loans online, the Reserve Bank of India on Friday enhanced the UPI payment limits for healthcare and education from ₹1 lakh to ₹5 lakh, and the limit on recurring e-payment mandates for credit card and insurance premia payments as well as mutual fund investments to ₹1 lakh from the current limit of ₹15,000. …

Explained | What is RBI’s pilot programme for facilitating ‘frictionless’ and ‘timely’ credit?
1 year, 4 months ago

Explained | What is RBI’s pilot programme for facilitating ‘frictionless’ and ‘timely’ credit?

The Hindu  

The story so far: On August 17, the Reserve Bank of India commenced a pilot programme endeavouring to evaluate the feasibility of the ‘Public Tech Platform for Frictionless Credit’. The suggested platform would strive to “enable delivery of frictionless credit by facilitating seamless flow of required digital information to lenders.” What is the platform for? The central banking regulator has …

RBI to start pilot on Public Tech Platform for frictionless credit
1 year, 4 months ago

RBI to start pilot on Public Tech Platform for frictionless credit

The Hindu  

The Reserve Bank of India has announced the development of a Public Tech Platform for Frictionless Credit by Reserve Bank Innovation Hub, a wholly-owned subsidiary of RBI. Currently, data needed for credit appraisal are available with different entities like Central and State governments, account aggregators, banks, credit information companies, and digital identity authorities. In this context, the Public Tech Platform …

Home loan, other borrowers can switch to fixed-rate regime: RBI
1 year, 4 months ago

Home loan, other borrowers can switch to fixed-rate regime: RBI

Hindustan Times  

The Reserve Bank on Thursday said it will come out with a framework allowing borrowers to switch to fixed interest rate from floating interest rate, a move that would provide relief to borrowers of home, auto and other loans reeling under the impact of high interest rate. Unveiling the bi-monthly monetary policy, Reserve Bank Governor Shaktikanta Das said under the …

7 reasons why it is essential to stay cautious of digital lending apps
1 year, 4 months ago

7 reasons why it is essential to stay cautious of digital lending apps

Live Mint  

With the rapid advancement of technology and the proliferation of smartphones, the fintech industry in India has witnessed significant growth in recent years. Predatory lending practices Digital lending apps often target vulnerable individuals who may have limited access to formal banking services or who urgently require funds. Data privacy and security concerns Digital lending apps typically require borrowers to share …

How fake loan apps extort money and push people into debt traps
1 year, 5 months ago

How fake loan apps extort money and push people into debt traps

The Hindu  

July 13, 2023 08:56 pm | Updated July 14, 2023 01:07 pm IST - Bengaluru Bengaluru Ramesh Reddy, 35, borrowed ₹2 lakh for a couple of weeks from a money-lending app a month ago to tide over a crisis in his business. Good Bye.” Flood of apps Loan apps advertised on social media platforms, like Facebook and Instagram, are an …

Bank of Baroda denies officials inflated mobile app registrations
1 year, 5 months ago

Bank of Baroda denies officials inflated mobile app registrations

Live Mint  

Mumbai: India’s second largest state-owned lender Bank of Baroda on Tuesday denied its officials used phone numbers of strangers to inflate registrations on its mobile banking app bob World. “The bank has a current mobile banking activated user base of 30 million customers, all of whom are linked to a unique mobile number seeded with their bank account,” a spokesperson …

Apple removes 6 loan apps from App Store: Read how predatory loan apps target the vulnerable and how to stay safe
1 year, 5 months ago

Apple removes 6 loan apps from App Store: Read how predatory loan apps target the vulnerable and how to stay safe

Op India  

Apple has reportedly removed six predatory personal loan apps from App Store in India in the first week of July 2023. A user reviewed the app on App Store and said, “I borrowed an amount in a helpless situation and a day before repayment due date I got some messages with my pic and my contacts in my phone saying …

Apple removed these loan apps from App Store. Delete them from your iPhone now
1 year, 5 months ago

Apple removed these loan apps from App Store. Delete them from your iPhone now

Hindustan Times  

Technology behemoth Apple has removed several lending apps from the App Store in India after reports of them harassing the borrowers came into light. Recently, the App Store had stopped more than $2 billion in fraudulent transaction last year and rejected nearly 17 lakh app submissions for having failed in meeting the company's standards of quality and safety. Fintech sector …

Bengaluru cops book 15 loan apps for hacking into borrower’s phone
1 year, 5 months ago

Bengaluru cops book 15 loan apps for hacking into borrower’s phone

The Hindu  

Bengaluru Bengaluru East Cyber Crime, Economic Offences and Narcotics Police have booked 15 loan apps for hacking into a mobile phone of a borrower, and morphing pictures stolen from the cell phone. The police have booked Easy Money Loan App, Salarypls, Easy Loan, Cash Me, Pocket Me, Get Rupee, Incash, Money, Rainbow Money, Magic Loan, Homecash Delhi Credit, Shinny Loan, …

Cyberbullying is a psychological war against Indians
1 year, 5 months ago

Cyberbullying is a psychological war against Indians

New Indian Express  

The Ministry of Home Affairs has come up with many initiatives to tackle cybercrimes. However many unscrupulous loan apps keep surfacing in the digital world. In order to save the victims of cyberbullying, the Government of India opening a national level ‘cyber victim counselling centre’ with a common helpline number would be a commendable move. It can function with trained …

Digital Loan Apps in India denied access to user location and call logs: Know Google’s latest guidelines
1 year, 6 months ago

Digital Loan Apps in India denied access to user location and call logs: Know Google’s latest guidelines

India TV News  

Digital loan apps have emerged as a troublesome issue in recent years, exploiting individuals looking for quick and easy money. The companies responsible for these apps no longer have access to sensitive data, including contacts, photos, videos, location information, and call logs from users' devices. Moreover, Google is now demanding that all legitimate app companies provide supporting documentation to verify …

Strict rules for lending apps, combating malware underline Google’s Play Store
1 year, 7 months ago

Strict rules for lending apps, combating malware underline Google’s Play Store

Hindustan Times  

Google has revealed some numbers, which perhaps best illustrate the problem, of how malicious apps and their developers, are attempting to hoodwink unsuspecting users. {{^userSubscribed}} {{/userSubscribed}} {{^userSubscribed}} {{/userSubscribed}} The company’s data suggests they prevented as many as 1.43 million apps from being published on the Play Store for Android users, which violated one or more policy conditions. {{^userSubscribed}} {{/userSubscribed}} {{^userSubscribed}} …

Google took action against over 3,500 loan apps in India for violating norms in 2022
1 year, 7 months ago

Google took action against over 3,500 loan apps in India for violating norms in 2022

India TV News  

New Delhi: Google took action against over 3,500 loan apps in India in 2022 for violating Play Store policy requirements, the company said on Thursday. Google said that overall it prevented 1.43 million policy-violating apps from being published on Google Play banning 173,000 bad accounts preventing over USD 2 billion in fraudulent and abusive transactions in 2022. "In India, in …

Google to restrict personal loan apps from May 31
1 year, 8 months ago

Google to restrict personal loan apps from May 31

India TV News  

Google has officially stated that it will update its Personal Loans policy for users in India, Indonesia, Pakistan, Philippines, Kenya and Nigeria. Google said, "We're updating our Personal Loans policy to state that apps aiming to provide or facilitate personal loans may not access user contacts or photos.” It further added, "Apps that provide personal loans, or have the primary …

Chinese loan app case: ED files chargesheet against Razorpay, others
1 year, 9 months ago

Chinese loan app case: ED files chargesheet against Razorpay, others

Live Mint  

The Enforcement Directorate Friday said it has filed a charge sheet against payment gateway Razorpay, three fintech companies controlled by Chinese nationals and as many NBFCs and some others in a money laundering probe linked to Chinese loan apps which allegedly cheated numerous people. The accused entities include fintech companies Mad Elephant Network Technology Private Limited, Baryonyx Technology Private Limited …

RBI asks banks, NBFCs to promote digital payments
1 year, 9 months ago

RBI asks banks, NBFCs to promote digital payments

The Hindu  

The Reserve Bank of India has unveiled “Har Payment Digital” as part of Digital Payments Awareness Week 2023 to make every person in India a user of digital payments. Stating that payment systems in India have witnessed over 1000 crore transactions every month since December 2022, he said “This speaks volumes of the robustness of our payments ecosystem and acceptance …

Chinese Loan Apps Exploited Covid Crisis, Weak Regulatory Framework to Cheat Millions of Indians, Says ED
1 year, 9 months ago

Chinese Loan Apps Exploited Covid Crisis, Weak Regulatory Framework to Cheat Millions of Indians, Says ED

News 18  

Chinese loan apps took advantage of the Covid crisis in India and cheated millions of gullible people who were in a financial mess. The central investigating agency has highlighted how the Chinese apps took advantage of a weak regulatory framework in India to make mind-boggling profits. Indian investigating agencies are keeping an eye on loan apps like Money View, Krazy …

Fintech-Driven Digital Lending To Bridge Credit Gap In India, Says Report
1 year, 10 months ago

Fintech-Driven Digital Lending To Bridge Credit Gap In India, Says Report

News 18  

The fintech revolution is likely to spur digital lending in India, which is expected to surpass traditional avenues of lending by 2030. This will be driven by deeper inroads being made in the unsecured small-ticket size segment and the secured collateral-based high-ticket size market, according to the latest white paper Fintech-led Digital Lending: Coming of Age by Experian India in …

MeitY reverses ban against some digital lending platforms - Details
1 year, 10 months ago

MeitY reverses ban against some digital lending platforms - Details

Live Mint  

The Centre has decided to revoke a ban against some websites and apps after they shared documents to prove that they were regulated. The Ministry of Electronics and IT had issued orders against 232 apps operated by overseas entities earlier this month for involvement in betting, gambling and unauthorised loan services. While lazypay.in is a subsidiary of Dutch investment firm …

India to ban 138 betting apps, 94 loan-lending apps with Chinese links
1 year, 10 months ago

India to ban 138 betting apps, 94 loan-lending apps with Chinese links

Deccan Chronicle  

New Delhi: In a bid to check fraudulent practices by some 'fake' mobile applications or apps in India, the government has initiated the process to ban 138 betting apps and 94 loan-lending apps with Chinese links on 'urgent and emergency' basis. It is also learnt that the action is being taken by the ministry of electronics and information technology on …

Are You A Digital Lending App User? Know Your Rights, Complaint Process
1 year, 11 months ago

Are You A Digital Lending App User? Know Your Rights, Complaint Process

News 18  

Last year the Reserve Bank of India issued guidelines on digital lending to protect customers from a range of issues including exorbitant interest rates by certain entities, data protection and grievance redressal. – REs shall ensure that they and the LSPs engaged by them shall have a suitable nodal grievance redressal officer to deal with Fintech/digital lending related complaints. – …

RazorpayX launches its own digital lending platform for NBFCs ahead of RBI's 30 Nov deadline
2 years, 1 month ago

RazorpayX launches its own digital lending platform for NBFCs ahead of RBI's 30 Nov deadline

Firstpost  

As the Reserve Bank of India’s deadline for adoption of digital lending guidelines is coming closer, it has made lending merchants rethink their payment infrastructure and the ways that they used to transfer their money. Business banking platform Razorpay has come up with its own digital lending solution titled ‘RazorpayX Digital Lending 2.0’. According to Razorpay, the platform will “automate …

Andhra Pradesh: Probe into loan app cases finds links with servers operating from Pakistan, China
2 years, 2 months ago

Andhra Pradesh: Probe into loan app cases finds links with servers operating from Pakistan, China

The Hindu  

The police have sounded alert as the investigation into the loan app fraud and harassment cases have found links with servers operating from Pakistan, China, Bangladesh, Nepal and other countries. “The investigating officers have found that the addresses of these loan app operators and the WhatsApp numbers used in the transactions have links with Pakistan, Bangladesh, China and Nepal. The …

Google faces pressure in India to help curb illegal lending apps
2 years, 3 months ago

Google faces pressure in India to help curb illegal lending apps

The Hindu  

Alphabet Inc's Google has been asked by the Indian government and the central bank to introduce more stringent checks to help curb the use of illegal digital lending applications in India, according to sources. Even though Google doesn't fall under the Reserve Bank of India's ambit, the U.S. tech giant has been called several times in the last few months …

Google faces pressure in India to help curb illegal lending apps: Report
2 years, 3 months ago

Google faces pressure in India to help curb illegal lending apps: Report

Live Mint  

Alphabet Inc's Google has been asked by the Indian government and the central bank to introduce more stringent checks to help curb the use of illegal digital lending applications in India, according to sources. Even though Google doesn't fall under the Reserve Bank of India's ambit, the U.S. tech giant has been called several times in the last few months …

RBI to Prepare Whitelist of Legal Loan Apps as Nirmala Sitharaman Cracks Down on Illegal Apps
2 years, 3 months ago

RBI to Prepare Whitelist of Legal Loan Apps as Nirmala Sitharaman Cracks Down on Illegal Apps

News 18  

The Reserve Bank of India is set to prepare a “Whitelist” of all the legal lending apps, the government said on Friday, following a meeting chaired by finance minister Nirmala Sitharaman a day before. The minister, along with top officials, chaired the meeting to discuss various issued related to illegal loan apps outside the regular banking channels, the finance ministry …

India preparing whitelist of legal loan and finance apps, will ban others soon
2 years, 3 months ago

India preparing whitelist of legal loan and finance apps, will ban others soon

India Today  

Illegal loan apps are flooding the Google Play store and Apple App store. On Friday, the Finance ministry expressed concerns over the increasing number of illegal loan apps on the Google Play store and Apple app store. The decision comes after the union Minister for Finance & Corporate Affairs Nirmala Sitharaman chaired a meeting to discuss the various issues related …

The fatal lure of instant loan apps
2 years, 3 months ago

The fatal lure of instant loan apps

The Hindu  

“Mummy, I am leaving.” This is how Amit Yadav, 35, a mechanic from Madhya Pradesh’s Indore, concluded his note on August 23 before adding the words “ek fakir insaan ” below his name and signature. In response, Union Finance Minister Nirmala Sitharaman said the Central government had taken cognisance of such cases where digital loan apps “originating from one particular …

Entities in Other States Behind Online Loan Frauds, Police Taking Strict Action, Says Kerala Govt
2 years, 3 months ago

Entities in Other States Behind Online Loan Frauds, Police Taking Strict Action, Says Kerala Govt

News 18  

The Kerala government on Monday said that incidents of people being cheated after availing loans through online apps are being reported in the state and the police was taking strict action against the entities involved in such activities even though they are operating from other states. Chief Minister Pinarayi Vijayan said in the assembly that according to information received by …

ED raid on loan apps reveals strong Chinese presence in crypto crimes
2 years, 3 months ago

ED raid on loan apps reveals strong Chinese presence in crypto crimes

The Hindu  

Published : Aug 26, 2022 16:45 IST The Enforcement Directorate, still preoccupied with unearthing corruption and money laundering among opposition politicians, has decided to turn its attention to those involved in the crypto business in the country as well. Entities engaged in predatory lending deposited funds in the rupee wallets of Yellow Tune, which were then converted into cryptocurrency tokens …

Google Banned Over 2000 Harmful Personal Loan Apps In India This Year From Play Store
2 years, 3 months ago

Google Banned Over 2000 Harmful Personal Loan Apps In India This Year From Play Store

News 18  

Google said it has purged more than 2,000 controversial personal loan apps from its Play Store in India in the January-June period after consulting with the law enforcement agencies. Google now requires personal loan apps in India to complete the additional proof of eligibility requirements. The eligibility includes copy of their license by the Reserve Bank of India, and declaration …

Google Play got rid of 2K controversial personal loan apps- Know more
2 years, 3 months ago

Google Play got rid of 2K controversial personal loan apps- Know more

India TV News  

Google has stated that it has started taking off 2,000 controversial personal loan apps from its Play Store in India in the January-June period after consulting with law enforcement agencies. The eligibility includes a copy of their license by the Reserve Bank of India, and a declaration that they are not directly engaged in money lending activities and are only …

India May Ban 300 Apps to Plug the 'Sleaze Route' of Predatory Lending - News18
2 years, 4 months ago

India May Ban 300 Apps to Plug the 'Sleaze Route' of Predatory Lending - News18

News 18  

Predatory lending by instant loan apps have led to a spate of suicides in several states. PART 3 | When Lending Apps Bully Victims, Debt Trap Sometimes Becomes Deathtrap Traced to China and suspected to be one of the biggest money laundering scams, the apps are also being watched closely by the Enforcement Directorate, Serious Fraud Investigation Office, Intelligence Bureau, …

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