Taking action against dubious digital loan apps, says FM Sitharaman

The government is taking action against dubious digital loan apps, including those originating from outside the country, and also Indians who helped in setting them up, Finance Minister Nirmala Sitharaman informed Rajya Sabha on Tuesday.

Most of the dubious apps are originating from one particular country and as a result a lot of borrowers are harassed and money is being extorted from by these apps, she said during the Question Hour while replying to a supplementary question.

The minister was asked about reports of dubious digital loan apps backed by Chinese entities which do not follow RBI guidelines in giving loans.