Loan Giving Apps Are Causing More Suicides

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The RBI had received 2,562 complaints against Digital lending apps from January 2020 to March 2021. The banking regulator had found over 600 unregistered lending apps available on Google Play Store.

the Reserve Bank of India (RBI) will soon prepare a ‘whitelist’ of all legal applications (apps) that offer loans, and the Ministry of Electronics and Information Technology (MeitY) will ensure only these apps are hosted on app stores.

The RBI will monitor the ‘mule/rented’ accounts that may be used for money laundering and review or cancel dormant NBFCs (non-banking financial companies) to avoid their misuse.

The decisions were taken in a meeting chaired by Finance Minister Nirmala Sitaraman on Thursday.
The steps by the government come after illegal loan apps hosted on app stores have been found offering micro credit to the pandemic-hit people and low-income groups at exorbitant interest rates, along with hidden and processing charges, and resorting to predatory recovery practices


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