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RBI panel pictures for strict regulation of digital loan apps the reported said there were approximately 1,100 lending apps are available for Indian Android users across our 80 application stores of which 600 were illegal
the group was constituted amid widespread complaints of harassment and answer recovery practices by a host of lending apps which are virtually unregulated .while acknowledging the importance and role of technological advancement in the growth of the credit ecosystem, the report of the group headed by RBI Jayant Kumar Das highlighted the risks arising out of the recent developments that have been unintended consequences on account of greater Reliance on third party lending service providers mis-selling to unsuspecting customer's concerns over breach of data privacy un ethical business conduct and illegitimate operations the report said.

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