Preparation to 'shut down' the business of robbing apps by giving instant loans, RBI submitted the list to the government
RBI Governor: It was told by the government that RBI did not have the list of registered loan apps earlier. Apart from this, there was no information as to which apps come in the negative list.
HR Mandi Bhav, Whitelist of Loan Apps: The government is in a mood to take strict action against those who cheat by promising loans through instant apps. Reserve Bank of India (RBI) Governor Shaktikanta Das said that RBI has shared the list of leading loan giving apps with the central government.
According to the news published in Indian Express, the IT Ministry will soon take action against such illegal loan apps whose names are not in the list. Recently, a warning was issued by the government regarding such loan apps which advertise themselves through social media and claim to provide instant loans.
Some loan apps are misleading customers
Many such cases have come to light in which customers were misled by loan apps. It was told by the government that RBI did not have the list of registered loan apps earlier.
Apart from this, there was no information as to which apps come in the negative list. Speaking at an event on Thursday, Governor Shaktikanta Das said that the RBI collected a list of loan apps from regulated institutions-banks and NBFCs and gave it to the Electronics and IT Ministry.
Problem with wrongly giving loan apps:
Das also said that the biggest problem is with wrongly giving loan apps. We have already shared the list with the government. Whenever there is any kind of problem, we discuss it with the government.
There is coordination between RBI and relevant ministries and law enforcement agencies of the government.
Regular meetings are held between these agencies to take action against unfair lending apps. It was confirmed by a senior official of the IT Ministry that RBI had sent the list of loan giving apps.
The Central Bank has been working on the list of proper loan giving apps for some time. But now a new list of loan apps has been sent, which are being used by registered institutions like banks and NBFCs.
Now further action will be taken on this basis. Due to the rapid increase in digital loans in the last few years, cases of fraud have increased rapidly.
There is no official data regarding this. Experts associated with this sector estimate that the business of wrongful lending can be worth at least 700-800 million dollars.