Over 600 illegal loan applications running; 27 blocked – The New Indian Express
NEW DELHI: The Center said on Monday that there are over 600 illegal loan apps running in the country and are also available on app stores, but the Department of Electronics and Information Technology does managed to block only 27.
In a written response to Lok Sabha, Bhagwat Karad, Minister of State for Finance, admitted: âAccording to the findings of the Reserve Bank of India (RBI) Digital Lending Working Group (WG), the number of loans illegal The number of apps was around 600 from January 1 to February 28, 2021 and a number of these apps are available in app stores nationwide â.
The minister said that “Sachet,” a portal created by the RBI for registering complaints received approximately 2,562 complaints against digital lending applications from January 20 to March 21.
“Following the due process specified in the 2009 Rules on Information Technology (procedure and guarantees of blocking access to information for the public) notified under Article 69A of the Law on Information Technology 2000, MeitY blocked 27 illegal loan lending applications, âthe Minister of State added. .
The main concerns raised in these complaints were the issues of exorbitant interest and fees charged by digital loan apps, and the harassment of customers for loan repayments.
âThe task force became aware of small loans made through digital lending applications, often at high / exorbitant interest rates,â Karad said. The RBI has issued notices to states to maintain control over these applications.