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PREDATORY LENDING
Regional curbs dampen microfin revival in South India as biz looks upTamil Nadu saw a 2.3% quarter-on-quarter squeeze in the state's microfinance outstanding portfolio to Rs 38,900 cr at the end of March, whi...- Unregulated lending may soon be bannedThe government is likely to introduce a bill in the upcoming monsoon session of Parliament to ban unregulated lending activities, aiming to...
- Centre proposes bill to ban unregulated lendingThe government drafted a bill to combat illegal lending. The bill proposes a 10-year jail term and a ₹1 crore penalty for violators. An onl...
- India set to standardise 'know your customer' banking checksIndia's financial stability panel aims to standardize customer verification processes across the financial sector to curb illegal lending t...
- RBI move to bring transparency in MSME loans will curb hidden charges, predatory lending practices, says industryIndustry stakeholders are of the view that this is a win-win situation for both lenders and borrowers. They expect it to bolster financial ...
- Zerodha's Nithin Kamath warns against shady loan apps, sheds light on key red flagsNithin Kamath, the founder of Zerodha, has issued a stark warning about the alarming rise of predatory digital lending apps.
- Apple pulls predatory lending apps from India App StoreApple has removed several predatory lending apps from the App Store in India, after users took to social media and complained about them.
- CEA asks finance industry to observe self-restraint, not to indulge in predatory practicesChief Economic Advisor V Anantha Nageswaran on Wednesday asked the finance industry to observe self-restraint and stop predatory practices,...
- Ahead of ban order, RBI gave a list of apps working with NBFCs to govtEarlier this week, the Ministry of Electronics and Information Technology banned 94 loan apps, which included entities not connected to Chi...
- ED attaches Rs 859 cr proceeds of crime in illegal loan app cases: MoS FinanceIn a written reply to a query in Rajya Sabha, Karad said Reserve Bank of India (RBI) has furnished the list of Digital Lending Apps (DLAs) ...
- Home Ministry asks states, UTs to take urgent action against predatory Chinese lending appsIt said a large number of complaints have been reported across India related to illegal digital lending apps that provide short-term loans ...
- India to prepare a 'whitelist' of digital lending appsThe central bank has been asked to prepare a list of legal digital lending apps while the government will help ensure that only such apps c...
- ED now raids CoinSwitch Kuber, firm says engaging with all stakeholdersThe Enforcement Directorate (ED) on Thursday searched the premises of leading crypto exchange CoinSwitch Kuber for alleged Foreign Exchange...
- China-backed fintech firms resorted to predatory lending, pocketed Rs 940 crore: EDED is conducting a money laundering probe against a number of NBFCs that are in the business of instant personal micro loans.
- Fintech companies, NBFCs funded by Chinese money generated Rs 950-cr slush funds in India: EDThe Enforcement Directorate (ED), therefore, recently attached Rs 86.65 crore worth funds lying in a total of 155 bank and payment gateway ...
- RBI releases report of working group on digital lending; here are the recommendationsA working group constituted by the Reserve Bank of India on digital lending through online platforms and mobile apps has submitted its repo...
- Ease burden of 'unfair, predatory' lending on Pakistan: US to ChinaAlice G Wells, US State Department's top official for Central and South Asia, told reporters during a conference call that be it the China-...
- Microfinance institutions embark on a new course after creation of NBFC-MFIsRBI approved creation of a separate category of specialised finance companies called NBFC-MFIs to cater to low-income groups.
- Creation of low-income micro-lending NBFC clearedThe Reserve Bank of India has approved the creation of a separate category of specialised finance companies catering to low-income groups.
- 'Borrowers should be saved from predatory lending'RBI-promoted Banking Codes and Standards Board of India has said there was a need to protect consumers from irresponsible predatory lending...
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