Cracking down on extrortionist lending apps
Good to see the LC report on instant loan or digital lending apps. These apps have been taking advantage of people by charging 25-100% interest and then threatening.
https://www.localcircles.com/a/press/page/instant-loan-apps
The good thing is that with LC escalation chinese apps have been cracked down upon by RBI but hundreds of Indian lending apps have propped up and some of them are using malpractices.
That is why the survey is saying that extortion and data misuse continues.
RBI would be happy with the report but if they dont control the situation with Indian apps they will look incapable next year when LC does survey again. more
https://www.localcircles.com/a/press/page/instant-loan-apps
The good thing is that with LC escalation chinese apps have been cracked down upon by RBI but hundreds of Indian lending apps have propped up and some of them are using malpractices.
That is why the survey is saying that extortion and data misuse continues.
RBI would be happy with the report but if they dont control the situation with Indian apps they will look incapable next year when LC does survey again. more
Viewed by 2180
i am for the banning all these kind of apps which makes get into addiction mode and ultimately lose all they had.It is like the game in mahabharta which lead to the war. more
Aug 11
Some People think they can fool the machine which is only made to fool them. We know that the probability to win 1 crore in dream 11 is one in billions of trillion. But is there anyone who can stop them. I know dozens of people who have lost multiple thousands in Dream 11 but they still play in a hope that they will certainly recover their losses one day. Till such people are available can we stop the dream 11? In majority of cases one gets trapped because of one’s greed. more
Aug 10
Govt should ban all apps/lenders from doing thuis illegal business. They must not be allowed to exploit needy n hapless Indians. more
Aug 10
It is a good sign...Maximum interest charged should be caped...At the same in order to prevent people-public investing in private bonds and private F D's also should be caped. more
Aug 10
