Apps

India to set up a ‘whitelist’ of digital lending apps

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Reuters

September 09, 2022, 4:10 PM

Last modified: September 09, 2022, 4:12 PM

A man walks behind the Reserve Bank of India (RBI) logo at its headquarters in Mumbai, India, April 8, 2022. REUTERS/Francis Mascarenhas

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A man walks behind the Reserve Bank of India (RBI) logo at its headquarters in Mumbai, India, April 8, 2022. REUTERS/Francis Mascarenhas

The Indian government is stepping up controls on digital lending apps in an effort to ban those engaged in unethical lending and recovery practices, the government said in a statement on Friday.

The central bank has been asked to draw up a list of legal digital lending apps, while the government will help ensure that only such apps lend.

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