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According to the IT minister, the government will make rules and crack down on illegal loan applications. Find out what the government plans to do

<p>The government is preparing to clamp down on illicit lending applications accessible on Google Play Store and Apple Store in order to maintain the internet secure and trustworthy for everyone. Rajeev Chandrashekhar, the Union Minister of State for Electronics and IT, said on Saturday that the government intends to create rules that would restrict credit applications to these two retailers alone.<img decoding=”async” class=”alignnone wp-image-186087″ src=”https://www.theindiaprint.com/wp-content/uploads/2023/09/theindiaprint.com-according-to-stalin-tn-would-send-a-delegation-to-the-jal-shakti-minister-for-cauv.jpg” alt=”theindiaprint.com according to stalin tn would send a delegation to the jal shakti minister for cauv” width=”1043″ height=”586″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2023/09/theindiaprint.com-according-to-stalin-tn-would-send-a-delegation-to-the-jal-shakti-minister-for-cauv.jpg 299w, https://www.theindiaprint.com/wp-content/uploads/2023/09/theindiaprint.com-according-to-stalin-tn-would-send-a-delegation-to-the-jal-shakti-minister-for-cauv-150×84.jpg 150w” sizes=”(max-width: 1043px) 100vw, 1043px” title=”According to the IT minister, the government will make rules and crack down on illegal loan applications. Find out what the government plans to do 3″></p>
<p>The minister made this statement in light of the rise in fraud cases brought on by fraudulent loan applications.</p>
<p>Rajeev Chandrasekhar, Union Minister of State for Electronics and Information Technology, claims that there are several apps utilized by Indians on both the Google Play Store and the Apple App Store at the moment. We are monitoring a certain set of loan application forms.Both Google and Apple have received a warning from us not to accept dangerous or unlawful apps.</p>
<p>He said, “Our government’s goal and purpose is to maintain the internet as a trustworthy resource for all “digital nagriks”…To ensure that there is a whitelisting, which is to establish a standard of only permitting allowed loan applications on these two shops, we plan to meet with the RBI as soon as possible.</p>
<p>The RBI also unveiled the guidelines for digital lending in August of last year. These were implemented in response to concerns about ethical business practices and client protection, as well as to stop unlawful digital lending operations.</p>
<p>The RBI regulations, among other things, forbade automated credit limit increases without borrowers’ express approval. They said that throughout the credit intermediation process, fees or charges should be paid to lending service providers (LSPs) by digital lending organizations rather than by borrowers.</p>
<p>According to the rules, all loan payments and disbursements must be made only between the bank accounts of the borrower and the regulated company, without using the passthrough or pool accounts of the LSP or any other third party.</p>
<p>The central bank released frequently asked questions (FAQs) on the standards in February of this year as well.</p>
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