NEW DELHI: Fintech experts believe that the Union government needs to be more proactive in rooting out the menace of predatory digital lending apps. This includes taking a firmer stand against such apps of Chinese origin.
“Ministry of electronics and information technology (MEITY) has carried out multiple rounds of app bans. However, it has never banned any lending app based out of China. They are sometimes even more dangerous for an individual’s privacy than gaming apps. RBI too has not acted beyond giving advisories,” said Srikanth L of Cashless Consumer, a citizen-led collective that raises awareness around digital transactions.