No data on number of companies giving online app-based loans, says govt

Anurag Thakur informed the Parliament that the MCA does not capture the data of registered companies providing online lending services

The Ministry of Corporate Affairs (MCA) does not have a record of the number of registered companies in the country that provide online app-based loans, the government said.

The Reserve Bank of India has issued several warnings that the public should not fall prey to such unscrupulous activities and verify the companies offering loans online and through apps. 
 

These applications were found imposing high rates of interest and additional hidden charges, and adopted high-handed recovery methods. Google has removed about 100 money lending apps that were "possibly not in compliance with the applicable legal and regulatory framework" from December 2020 till