ETtechThe Reserve Bank of India ( RBI ) will soon publish a list of “white-listed” digital lending apps and encourage people to use only those for all monetary transactions, especially while availing loans, people aware of the development told ET. There will always be apps and portals which function illegally and are outside the purview of the banking regulator. We are working on steps to curb their influence as well,” said a senior government official.Legal experts are of the view that the RBI’s whitelist will mention the digital lending platforms which work within its regulatory framework. These apps have also been accused of charging users compounded interest of up to 3,000% per annum. Even if we issue orders to take down 50 such apps, another batch of 50 comes up in no time.

Source: Economic Times February 11, 2023 16:51 UTC