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Applying for a digital loan? Stick to loan apps on RBI's white list

The name of the bank or NBFC on whose behalf the app lends should be mentioned on the former's website

digital lending, loans, digital loans
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Do not allow the lending app access to your contacts or photo gallery

Sarbajeet K Sen New Delhi
Illegal loan apps owned by Chinese entities, and hence popularly known as Chinese loan apps, are currently under the Reserve Bank of India (RBI) and the Government of India’s scanner. In January-February this year, an RBI working group had found that about 600 of the 1,100 apps hosted on various stores were illegal. To deal with this menace, the RBI recently decided to prepare a white list of legal apps. The Ministry of Electronics & Information Technology will then ensure that only these white-list apps are available on app stores.  

These illegal loan apps lure potential victims with the

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First Published: Sep 23 2022 | 4:49 PM IST

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