To curb the menace of illegal loan apps, the Reserve Bank of India (RBI) has been asked to prepare a ‘Whitelist’ of legal loan apps and the Ministry of Electronics and Information Technology (MEITY) has been tasked with ensuring only such applications are available on app stores.
All ministries and agencies have been asked to ‘take all possible actions to prevent operations of such Illegal Loan Apps’, following a meeting chaired by Finance Minister Nirmala Sitharaman with top officials from the RBI, MEITY and the ministries of Finance and Corporate Affairs on Thursday.
