If you’ve been troubled by instant loan apps that offer quick loans, there’s significant news for you. All types of instant loan apps in India are set to be banned, with the government issuing orders to Google and Apple to comply. The decision to ban these loan apps comes in response to rising concerns over fraudulent activities through such apps.
Rajeev Chandrasekhar, the Minister of State for Electronics and Information Technology, stated, “Today, there are several applications available on both Google Play Store and Apple App Store that are being used by Indians. We are tracking a set of applications that are loan apps.”
He further said, “We have issued advisories to Google and Apple that they should not list unsafe apps or illegal apps on their platforms. Ensuring a secure and trustworthy internet for all ‘Digital Citizens’ is the goal and mission of our government.”
Rajeev Chandrasekhar mentioned that a meeting with the Reserve Bank of India (RBI) will be held soon to discuss the complete eradication of these apps. A list will be compiled, and only those apps meeting specific criteria will be allowed to provide instant loans.
This move aims to protect consumers from fraudulent and potentially harmful loan apps that have led to various incidents of harassment and scams in the country.