Live Breaking News & Updates on பணமில்லாது நுகர்வோர்
Stay updated with breaking news from பணமில்லாது நுகர்வோர். Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
On 7th June, finance minister (FM) Nirmala Sitharaman announced the launch of a new portal www.incometax.gov.in with a flourish, calling it an “important milestone to make the compliance experience more taxpayer-friendly.” ....
The fake loan app scandal is not going away anytime soon April 30, 2021 It has become a game of cat-and-mouse game between law enforcement and predatory or fake lending apps in the country. Even as various police departments in the country are cracking down on these apps which mushroomed during the pandemic some of these apps are re-branding themselves and restarting operations. The Reserve Bank of India (RBI), which has been actively monitoring the issue, believes that these apps will continue to operate for at least a year, if not more. Over the last year, a number of unauthorised digital lending apps popped up on Google’s Play Store and other Android app store. But these apps charge exorbitant fees and interest rates, and resort to extortion and blackmail tactics to collect payments from borrowers. As a result, a number of borrowers have committed suicide beginning in October last year. ....
5 hours ago The fintech and startup ecosystem that has emerged in recent years has a major governance issue: data breaches and leaks are not taken seriously. Unfortunately, the regulatory system has not woken up to the fact that the recent data breaches at Juspay and MobiKwik can significantly cause harm to idle users in the future. The Indian government is yet to introduce a Personal Data Protection Law (PDP Law) in Parliament at a time when incidents of data breaches and personal information being sold on the darkweb are increasing year-on-year. The lack of a Data Protection Authority and a Personal Data Protection Law means that there is regulatory ambiguity in terms of who should respond to breaches and investigate them. Industry experts told MediaNama that the entire regulatory system needs to be strengthened, business models need a rethink and that companies need to be made more accountable, whether through the courts or through internal governance practices. ....
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. ....
Scams, terror, and national security: Problems with Chinese microloan apps in India The pandemic, accompanied by job loss and pay cuts, has made many Indians even more desperate than they normally were for loans. This has made them easy targets for spurious loan apps whose origins lie across the border. January 29, 2021 05:07 GMT (21:07 PST) | Topic: Innovation Technology has become a great enabler but it can also be a killer. In this case, it has literally proven so for India s lower-income residents, thanks to unscrupulous Chinese operators who have used spurious loan apps and hired Indian underlings to bilk the most vulnerable. ....