Home / Finance / Personal Finance / Applying for a digital loan? Stick to loan apps on RBI's white list

Applying for a digital loan? Stick to loan apps on RBI's white list

The name of the bank or NBFC on whose behalf the app lends should be mentioned on the former's website

Premium

Do not allow the lending app access to your contacts or photo gallery

4 min read Last Updated : Sep 24 2022 | 12:06 AM IST

Illegal loan apps owned by Chinese entities, and hence popularly known as Chinese loan apps, are currently under the Reserve Bank of India (RBI) and the Government of India’s scanner. In January-February this year, an RBI working group had found that about 600 of the 1,100 apps hosted on various stores were illegal. To deal with this menace, the RBI recently decided to prepare a white list of legal apps. The Ministry of Electronics & Information Technology will then ensure that only these white-list apps are available on app stores.

These illegal loan apps lure potential victims with the

Topics : Reserve Bank of India Digital loans RBI NBFC loans loans Apps phone apps loan information technology Google Play Store Apple store

What you get on BS Premium?

Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
Pick your 5 favourite companies, get a daily email with all news updates on them.
Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
Preferential invites to Business Standard events.
Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.

VIEW ALL FAQs

Need More Information - write to us at assist@bsmail.in