Telangana To Ban Instant Loan Apps Dec 19, 2020, 17:03 IST
Ruthless Loan Sharks Turn Nightmare For Borrowers
Hyderabad: The Internet can be a dark place. An online platform, app or any other mode can become the reason for harassment. There are people on these platforms that misuse and exploit the web, for their personal illegal benefit.
One such method has now come with the online money-loan apps. These apps know how to take advantage of a person’s vulnerable situation. With the increase in such cases, the Telangana police on Friday gave a report on it.
They said that there are more than 60 loan applications on Google play store that will claim to provide instant loans. These apps are not registered under Reserve Bank of India as a Non-Banking Finance Companies (NBFCs). Their activities are illegal.
Telangana police says online instant loan apps illegal, will take action
The Telangana police Friday stated that there are at least 60 such loan applications available on Google Play Store which are not registered or recognised by the Reserve Bank of India as an NBFC and their operations were unlawful. Updated: December 19, 2020 12:41:40 pm
In connection to the rising number of such cases, the DGP’s office clarified that the rules of the Reserve Bank of India will strictly apply to lenders either online, offline, or from any bank.
Taking a serious view of various mobile app companies that offer instant loans, the Telangana police Friday stated that there are at least 60 such loan applications available on Google Play Store which are not registered or recognised by the Reserve Bank of India as an NBFC and their operations were unlawful.