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Loans Over Phones: App-solute Menace

Dia Rekhi July 29, 2022


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More than one in two Indian consumers who use instant loan apps are vulnerable to extortion and data misuse, as per a report by LocalCircles. How easy is it for instant loan apps to be available on the play store? Why is there no licensing requirement or legal authentication, or verification done on these digital lenders? As a customer how can you spot these fraudulent dial-a-loan apps and how does the RBI take prompt steps to curb the misuse? Dia Rekhi talks with Beni Chugh, Research Manager at Dvara Research, and Rajesh Narain Gupta, Managing Partner, SNG & Partners to figure out about this growing digital menace.

Credits : Producers: Vinay Joshi & Surbhi Modi from The Economic Times and Soundarya Jayachandran from Aawaz. Sound editors: Indranil Bhattacharjee from the Economic Times and Swati Joshi from Aawaz Executive Producers: Arijit Barman and Anupria Bahadur from The Economic