New Delhi: The Indian government has decided to ban all apps that offer instant loans without proper regulations. The Ministry of Electronics and Information Technology (MeitY) has issued orders to Google and Apple to remove such apps from their platforms. The move comes after several complaints of harassment, fraud, and privacy violations by these apps.
According to Rajeev Chandrashekhar, the Minister of State for Electronics and Information Technology, many apps on Google Play Store and Apple App Store are used by Indian citizens for various purposes. However, some of them are loan apps that operate illegally or unsafely. These apps charge exorbitant interest rates, access personal data without consent, and threaten or abuse borrowers who fail to repay.
Chandrashekhar said that the government’s aim and mission is to ensure a safe and reliable internet for all digital users. He said that the government has advised Google and Apple not to allow any unapproved or unsafe loan apps on their platforms. He also said that the government will soon hold a meeting with the Reserve Bank of India (RBI) to establish a whitelisting mechanism, which means that only loan apps that comply with the RBI’s guidelines and norms will be permitted on these platforms.
