India Cracks Down on Illegal Loan Apps, RBI to Prepare Whitelist
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The Indian government has asked the central bank to prepare a ‘whitelist’ of digital lending apps in a bid to crackdown on platforms that use unethical lending and recovery practices, the finance ministry said in a statement Friday.
The finance minister expressed concern over increasing instances of illegal loan apps offering micro credit, especially to vulnerable and low-income group people at exorbitantly high interest rates, and predatory recovery practices involving blackmailing, the ministry said.