Editorial | Beware of Instant Loan Apps

To curb the menace of illegal loan apps, the Reserve Bank of India (RBI) has been asked to prepare a ‘Whitelist’ of legal loan apps and the Ministry of Electronics and Information Technology (MEITY) has been tasked with ensuring only such applications are available on app stores

Instant loan apps, especially those originating from China have been a menace as the government as well as the Reserve Bank of India (RBI), have received several complaints against them .
Their proliferation has led to increased cases of cyber crime and also extortion of hapless borrowers.

Steps should be taken to increase cyber awareness for customers, bank employees, law enforcement agencies and other stakeholders.

The country’s largest lender, State Bank of India (SBI) has warned customers against instant loan apps and even suggested measures to safeguard against the menace.
Please refrain from clicking on suspicious links or giving your information to a company posing as a Bank or Financial Company. Report cybercrimes at cybercrime.gov.in, the bank tweeted. There is need for more awareness that should be spread across india and in jammu kashmir as well. Several Persons from Jammu and kashmir have also launched complaints against these instant loan apps . People must refrain from using such instant apps that lure them. There should also be campaigns from newspapers and government’s public relation department requesting people to refrain from using such illegal apps.