November 22, 2024 19:43 (IST)
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Govt asks blocked loan apps to furnish documents to prove legality of their practices

Govt asks blocked loan apps to furnish documents to prove legality of their practices

New Delhi/IBNS: The government has asked the loan apps blocked after a notice from the Ministry of Electronics and Information Technology (MeitY) have been asked to furnish documents to prove that they operated within legal boundaries, media reports said.

Finance Ministry cracks down on illegal loan apps: RBI to issue 'whitelist' of legal apps; app stores to host only these apps

Finance Ministry cracks down on illegal loan apps: RBI to issue 'whitelist' of legal apps; app stores to host only these apps

New Delhi: Finance Minister Nirmala Sitharaman has directed the Reserve Bank of India (RBI) to create a "whitelist" of loan applications that operate as per government rules and have legal sanction. She also asked the Ministry of Electronics and Information Technology (MeiTY) to ensure that only these apps are available on Google Play Store and Apple App Store.