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MeitY in talks with Play Store on digital lending app malpractices

The developments come a week after the Reserve Bank of India recommended a law for Banning of Unregulated Lending Activities (BULA) to safeguard borrowers

The central bank said that some of the recommendations of the working group need wider consultation with the government (Photo: Bloomberg)
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Last year, the RBI formed a panel after it received around 2,562 complaints against digital lending apps from January 2020 to March 2021. The banking regulator had found over 600 unregistered lending apps available on the Play Store.

Sourabh Lele New Delhi
The Ministry of Electronics and Information Technology (MeitY) is currently in consultation with Google Play to find a way to curb malpractices by digital lending apps. The options may include restricting the apps from accessing user data, people in the know said, although some officials believe the issues can only be tackled case by case.

The developments come a week after the Reserve Bank of India (RBI) recommended a law for Banning of Unregulated Lending Activities (BULA) to safeguard borrowers from predatory lending, harassment, and blackmail.

In its regulatory framework dated August 10, the central bank has mandated that the

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First Published: Aug 19 2022 | 8:10 PM IST

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