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Banned loan apps in India 2023: The Modi government recently banned 232 apps operated by foreign entities, including China, on charges of being involved in betting, gambling and unauthorized lending. The Ministry of Electronics and Information Technology (MeitY) issued an order to ban these apps following instructions from the Ministry of Home Affairs. Now a new update has come in this matter.
The Reserve Bank of India (RBI) had submitted a list of apps associated with registered Non-Banking Financial Institutions (NBFCs) to the government before banning some financial apps. Giving this information, RBI Governor Shaktikanta Das said, we have submitted the list of apps related to NBFCs to the government. On that basis, the government has taken this step.
At the beginning of the week, the government banned 94 such apps, which are associated with the business of online lending. Some of these apps are also facing allegations of giving loans unfairly and trapping borrowers in debt trap. These include apps like Lejipay and Kisht which operate in the ‘buy now, pay later’ (BNPL) category.
The RBI governor said that the NBFCs registered with the central bank had sought a list of mobile applications with which they are engaged in online loan disbursement. This list was later sent to the government. Das said, such a step was taken due to the presence of many illegal and illegal apps which keep sending loan disbursement messages to mobiles even if they are not appointed by any NBFC.
However, Deputy Governor M Rajeshwar Rao said that the RBI had not advised the government to ban any app offering digital loans. He said, the Ministry of Electronics and Information Technology has also requested to remove the banned app from Playstore. (with language input)
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