RBI's list to MeiTY has instructions for Play Store to remove loan apps without fixed standard and RBI validity

The Reserve Bank of India (RBI) will send the list to the Ministry of Electronics and Information Technology (MeiTY) to take action against these apps. 

Based on the report, the MeiTY will instruct Google and Apple to ban such apps. 

After Zee Business highlighted how loan apps have emerged as a menace for people, the RBI swung into action and prepared a list of loan apps.

According to the list, all applications without a fixed standard and RBI validity will have to be removed from the Play Store.

The Reserve Bank of India (RBI) will send the list to the Ministry of Electronics and Information Technology (MeiTY) to take action against these apps. 

Based on the list, the MeiTY will instruct Google and Apple to ban such apps.

It is learnt that MeiTY has already issued an advisory, and based on that, it has asked to increase vigilance.

The RBI's order came after the apps that Google and Apple had banned from their respective platforms reappeared on their online platforms in the last few weeks.

After the Digital India Act, this space will be better secured, and lending companies will be made more accountable for what they do.

Along with this, MeiTY will also set up rules under the reform to prevent phishing links and fraud committed through telecom networks. 

After victims lodged complaints against lending apps, the central government banned nearly 100 such apps in February this year.

The RBI last year issued the digital lending guidelines (DLG), as per which, only regulated entities (RE) could lend to customers.

According to government rules, loan apps are now required to show their lending licence to be approved on Google Play Store.

The lending apps also can't have access to customer photos and contacts.