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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. ....

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