The Reserve Bank of India (RBI) and several central ministries are collaborating to combat illegal Chinese mobile loan apps that offer easy loans and defraud people, said Finance Minister Nirmala Sitharaman in the Rajya Sabha on Friday.
According to the minister, the government is taking action against apps that defraud people by offering loans. The minister stated that she has met with representatives from the RBI, the finance ministry, and the corporate affairs ministry to discuss the issue. So far in FY23, the RBI has received 13,000 complaints about digital lending apps from banks and NBFCs.
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