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App stores must host Digital Lending Apps (DLAs) that are regulated by the Reserve Bank of India, according to Dr. Bhagwat Kisanrao Karad, Union Minister of State for Finance, in a written reply to Parliament.
The RBI provided the Ministry of Electronics and Information Technology with a list of digital lending apps (DLAs) used by its regulated entities (MeitY). The MeitY then shared the list with app stores and asked platforms to host only the DLAs on the list, according to the minister. The news comes just one day after MeitY banned 94 loan apps and 138 betting apps as part of a crackdown on Chinese loan apps.
