We did not ban Chinese apps..!? What does RBI say..?!

Sowmiya Sriram
We did not ban Chinese apps..!? What does RBI say..?!
The central government has stepped into the field to decide that the people of india should end the game of credit apps that attract people in the name of simple loans, and quick loans and trap people in a big debt trap. The RBI issued a clarification today as the matter came as a shock to many of the fast-growing companies in wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW">digital lending services. The Union Ministry of Electronics and Information technology (MeitY) announced on sunday that it has started banning 138 betting apps and 94 lending apps linked to Chinese companies or individuals. Following this, the members present at the monetary policy meeting along with the RBI governor participated in the press conference today. RBI did not ban any loan apps in this meeting. It said that we have sent only the list of apps administered under RBI.
RBI Deputy governor Rajeshwar Rao said that the central government has ordered the removal of credit apps that are not properly managed by RBI from the Play Store. It is noteworthy that this explanation was also given in the notification on Sunday. Following the directives of the Union Ministry of home Affairs, the Union Ministry of Electronics and Information technology (MeitY) said that it has initiated the process of banning credit processors associated with a Chinese company or Chinese persons on an "urgent" and "emergency" basis.
April 1, 2022, During the period from 1st to 30th november 2022, around 903 complaints have been filed against recovery agents harassing people through loan apps and not only being very abusive towards borrowers.
The Center has banned around 250 Chinese apps in the past few years, claiming that they are detrimental to India's sovereignty and integrity, India's security, state security, and public order. It has now taken a massive step banning an additional 232 apps in the fintech and betting industry.It is noteworthy that when the RBI set up a special committee on loan processors in 2021, it was revealed that most of the companies do not operate under RBI regulations and are not under its control.
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