Government need to regulate rogue lending apps in India

Fintech experts says that Central Government need to issue a regulation on rogue lending apps in India mandatory. This includes a firmer stand against such apps of Chinese origin.

Lending Apps

Ministry of electronics and information technology (MIETY) has never banned any of lending apps having China origin. RBI ( Reserve Bank of India) also warns users to “Don’t take any load from these fraud lending app.

Lending apps basically required users to fill personal details in promised to provide load in under 30 minutes. These apps mainly launched by the Chinese company has origin China to spy over your banking details and transections.

Pengyuan Credit with 620,000 yuan fined in China, for “engaging in personal credit operations independently without bank approval, he said that RBI has received 1,019 complaints regarding unregulated and unregistered online lending apps said Anurag Thakur in Lok Sabha.

He has also set up a working group to study, ” all aspects of digital lending”, Regional directors officers of the RBI are also in touch with the state police.

Many Rogue lending apps in the Google Play Store has hosted on Chinese servers became increaingly in the lockdown 2020 in India when many of people of India lose their livehoods because of COVID-19 Pandemic which was lookout for cash.

Apps has offered short-term credit at very high interest rate in some cases harassed or abused borrowers for money. Last week, Google had took down such of these apps in India under government of India notice.

Source TOI