What is the Chinese instant loan apps scam?

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The Chinese Instant loan app scam is the next big thing that we should be worried about. Several incidents of scam through instant loan apps, often backed by Chinese businessmen, have been reported from all over India. According to a report, around 30 of these illegal apps facilitated over 1.4 crore transactions worth close to Rs 21,000 crore. Let’s find out what has caused this surge in demand for such loan apps? And how it is impacting the people in our country?

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Resources to help people undergoing a financial crisis:
https://sachet.rbi.org.in/
http://www.aasra.info/helpline.html

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Research:
Manas Agrawal

Editing:
Ajeesh Babu:   / ajeesh_babu  

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Sources: https://docs.google.com/document/d/1v...

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Markers
00:00 Introduction
01:22 Pandemic’s impact
04:37 How do these predatory loan apps operate?
08:02 Chinese involvement
09:48 What have the regulators done about this?
11:22 Solutions

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