The Reserve Bank of India (RBI) and several central ministries are collaborating to combat illegal Chinese mobile loan apps that offer easy loans and defraud people, said Finance Minister Nirmala Sitharaman in the Rajya Sabha on Friday.
According to the minister, the government is taking action against apps that defraud people by offering loans. The minister stated that she has met with representatives from the RBI, the finance ministry, and the corporate affairs ministry to discuss the issue. So far in FY23, the RBI has received 13,000 complaints about digital lending apps from banks and NBFCs.
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The Reserve Bank of India (RBI) and several central ministries are collaborating to combat illegal Chinese mobile loan apps that offer easy loans and defraud people, said Finance Minister Nirmala Sitharaman in the Rajya Sabha on Friday.
According to the minister, the government is taking action against apps that defraud people by offering loans. The minister stated that she has met with representatives from the RBI, the finance ministry, and the corporate affairs ministry to discuss the issue. So far in FY23, the RBI has received 13,000 complaints about digital lending apps from banks and NBFCs.
Disclaimer
We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.
StartupNews.fyi is a leading global startup and technology media platform known for its end-to-end coverage of the startup ecosystem across India and key international markets. Launched with the vision of becoming a single gateway for founders, investors, and ecosystem enablers, StartupNews.fyi has grown steadily over the years by publishing tens of thousands of verified news stories, insights, and ecosystem updates, reaching millions of startup enthusiasts every month through its digital platforms and communities.
