Measures Has Been Taken To Monitor Chinese Loan Apps: Sitharaman

As per Finance Minister Nirmala Sitharaman, government agencies and the Reserve Bank of India (RBI) are working together to monitor Chinese smartphone apps that defraud users by offering quick loans.

The nodal ministry that gives orders for app restriction is the Ministry of Electronics and Information Technology (MeiTY), which is responsible for deciding which apps are harmful to citizens as well as the sovereignty and integrity of the nation.

In response to a Trinamool Congress MP's question about the zero-hour issue, Sitharaman claimed that steps had been made to stop lending-related apps from defrauding users.

The minister claimed that over the past six to seven months, they had conducted multiple meetings with officials from the central bank, Ministry of Finance, and the Ministry of Corporate Affairs (MCA) to discuss the problem of Chinese loan apps that intimidate and defraud people.

Nadimul Haque of TMC previously brought up the problem of illicit Chinese applications, stating that 600 of them offer modest loans with no paperwork and afterwards harass borrowers for repayment.

She  also commented that MeiTY has also been made aware of other apps that have been horribly misused. Consequently, there is a concerted effort to stop such apps. The ones violating the rules Moreover will be punished. 

The finance minister said that the ministry has put out focused effort. To ensure that no apps defraud the average person, the RBI, MeiTY, MCA, and Ministry of Finance are at work.

But she skipped to say what was undertaken or how many apps were banned.