What's the news: The Reserve Bank of India (RBI) will prepare a whitelist of all legal lending apps and the Ministry of Electronics and Information Technology (MeitY) will ensure that only these whitelisted apps are hosted on app stores like Google Play and Apple App Store, the Ministry of Finance said in a press release issued on September 9, following a meeting held with various government departments to discuss various issues related to illegal loan apps. "The Finance Minister expressed concern on increasing instances of Illegal Loan Apps offering loans, microcredits, especially to vulnerable & low-income group people at exorbitantly high-interest rates and processing/hidden charges, and predatory recovery practices involving blackmailing, criminal intimidation etc. Smt. Sitharaman also noted the possibility of money laundering, tax evasions, breach/privacy of data, and misuse of unregulated payment aggregators, shell companies, defunct NBFCs etc. for perpetrating…
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