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Be ‘Loan Rangers’: Illegal Lending Apps Impact Security, Economy, Citizen Safety, MHA tells States

October 30, 2022
Source: news18.com news18.com
News Snapshot:
The Ministry of Home Affairs (MHA), in a letter, has asked states and union territories (UT) to pay “urgent attention” to illegal digital lending apps that are “leading to multiple suicides by citizens owing to harassment, blackmail and harsh recovery practices”. The ministry has said this issue has a serious impact on national security, economy and citizen safety. The letter accessed by News18 stated: “These predatory illegal lending apps may not be regulated entities (re) by RBI are using bulk SMSes, digital advertisements, chat messengers and mobile app stores on a massive scale.” The Home Ministry is in the process...
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