Union Minister: App stores must host RBI-regulated lending apps

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App stores must host Digital Lending Apps (DLAs) that are regulated by the Reserve Bank of India, according to Dr. Bhagwat Kisanrao Karad, Union Minister of State for Finance, in a written reply to Parliament.

The RBI provided the Ministry of Electronics and Information Technology with a list of digital lending apps (DLAs) used by its regulated entities (MeitY). The MeitY then shared the list with app stores and asked platforms to host only the DLAs on the list, according to the minister. The news comes just one day after MeitY banned 94 loan apps and 138 betting apps as part of a crackdown on Chinese loan apps.

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Union Minister: App stores must host RBI-regulated lending apps

App stores must host Digital Lending Apps (DLAs) that are regulated by the Reserve Bank of India, according to Dr. Bhagwat Kisanrao Karad, Union Minister of State for Finance, in a written reply to Parliament.

The RBI provided the Ministry of Electronics and Information Technology with a list of digital lending apps (DLAs) used by its regulated entities (MeitY). The MeitY then shared the list with app stores and asked platforms to host only the DLAs on the list, according to the minister. The news comes just one day after MeitY banned 94 loan apps and 138 betting apps as part of a crackdown on Chinese loan apps.

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.

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