Govt to prepare a list of approved digital lending apps
By MYBRANDBOOK
The Indian government is scrutinizing the digital lending apps to segregate those which conduct unethical lending and recovery practices. The central bank has been asked to prepare a list of legal digital lending apps while the government will help ensure that only such apps conduct lending.
The government has increased the scrutiny on these illegal loan apps and stricter digital lending rules as there has been increased consumer complaints over unfair practices that has concerned the central bank and the government.
The government has also directed the Reserve Bank of India (RBI) to keep a check on the accounts that may be used for money laundering and to review and if needed cancel licences of dormant shadow banks which can be misused by the lending apps.
All other government ministries have also been asked to take all possible action to prevent operations of such apps while the Indian corporate ministry has been directed to identify shell companies and de-register them to prevent their misuse.
“The finance minister expressed concern on increasing instances of illegal loan apps offering loans/micro credits, especially to vulnerable and low-income group people at exorbitantly high interest rates … and predatory recovery practices involving blackmailing,” said the government.
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