Ahead of ban order, RBI gave a list of apps working with NBFCs to government

The Reserve Bank of India gave a list of apps, which were working with non-bank lenders registered with the central bank, to the government ahead of the ban imposed on some apps earlier this week, officials said on Wednesday.

“We have given a list of apps which work with NBFCs (non-banking finance companies) to the government. On that basis, the government has taken this step,” Governor Shaktikanta Das told reporters in Mumbai.

Earlier this week, the Ministry of Electronics and Information Technology banned 94 loan apps, which included entities not connected to China as well. It included some apps involved in what reports described as predatory lending with unfair terms, which led to a debt trap for the borrowers.