The Kerala government is mulling a legal framework to regulate predatory digital lending apps, the News Minute reported. In recent months, a spate of suicides have taken place across multiple Indian cities as borrowers complain of harassment by purported employees of these digital lending apps. These apps are essentially unregulated, fly-by-the-night operators that offer low value loans for short-periods of time but at exorbitant interest rates. The report says the government's decision to bring in legislation came after a motion was introduced by Congress Member of Legislative Assembly K Sabarinath to introduce an appropriate law to regulate these apps, taking into account the various irregularities and issues that consumers have raised. Kerala Industries Minister EP Jayarajan said that at least 63 cases have been registered in the state so far and that according to the Kerala police, there are at least 400 such apps functioning from outside the state, the report says. Further, the Kerala Police's Crime Branch is also investigating these frauds that have taken place in the state through online loan apps, it added. Once a bill is framed and passed by the legislative assembly, Kerala will be the first state to enact a law to safeguard consumers from these predatory lending apps. RBI warns of predatory lending apps In a warning issued last month, the Reserve Bank of India (RBI) said that these apps charge excessive rates of interest, have hidden charges, unacceptable and high-handed recovery methods and the misuse of agreements to access data on the…
- Here’s what streaming companies revealed in their compliance reports for Oct 2022 December 2, 2022
- FRT-based Digi Yatra project begins in three Indian airports on opt-in basis December 2, 2022
- Spotify CEO calls Apple “Shameless” For Engaging In Anti-Competitive Practices December 2, 2022
- Madhya Pradesh HC Grants State Government 3 Months to Draft and Clear Online Gambling Law: Report December 2, 2022
- Meta’s Nick Clegg Flags Encryption Concerns, Praises India’s Stance On Cross-Border Data Flow December 2, 2022
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
The Structure and Style of a Dogma Community: Conspiracy theories and organized Twitter engagement on Sushant Singh Rajput
Studying the 'community' supporting the late Sushant Singh Rajput (SSR) shows how Twitter was gamed through organized engagement
Do we have an enabling system for the National Data Governance Framework Policy (NDGFP) aiming to create a repository of non-personal data?
A viewpoint on why the regulation of cryptocurrencies and crypto exchnages under 2019's E-Commerce Rules puts it in a 'grey area'
India's IT Rules mandate a GAC to address user 'grievances' , but is re-instatement of content removed by a platform a power it should...
Why ‘group privacy’ should be recognised, and how ‘non-personal’ data becomes a regulatory blindspot
There is a need for reconceptualizing personal, non-personal data and the concept of privacy itself for regulators to effectively protect data
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
Twitter takes down tweets from MP, MLA, editor criticising handling of pandemic upon government request
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...