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Finance Minister Nirmala Sitharaman has urged financial sector regulators to implement additional measures to prevent unauthorised online lending. Read more to know the details.
In fiscal 2023, there were 1,062 complaints against such lending apps. Google removed 134 fake loan apps from its Play Store in a week in September 2023 after series of complaints made against them. A dozen of those loan apps had one lakh downloads and 14 had over 50,000 downloads.
For the time being, digital lending remains a grey area, notes Tamal Bandyopadhyay.
The company said that it is collaborating with partners in the financial ecosystem, including banks and NBFCs, to create products aimed at addressing the credit gap in India.
Tips to avoid illegal lending apps: Chinese lending apps are known for their swift and convenient loan services through digital platforms. While they offer quick access to loans, it's essential to differentiate between regulated entities and illegal apps. Check out 6 tips by Money Today to help you make that distinction.