New Delhi : Finance Minister Nirmala Sitharaman said that the government is taking concrete action to protect the common man from being cheated by various Chinese apps offering digital lending.
The Finance Minister said this on Friday in response to the question of Trinamool Congress member Nadimul Haque in the Upper House. During the Zero Hour in the Rajya Sabha, Haq raised the issue of cheating the common man through digital lending apps. Sitharaman has said that the government is making efforts to ensure that people do not fall prey to Chinese apps.
Raising the issue, Haq said that there are about 1100 such apps promising easy loans, out of which about 600 apps are illegal. These are outside the purview of the Reserve Bank of India (RBI) guidelines. A large number of these illegal apps are of Chinese apps. In response, Sitharaman said that the Reserve Bank is taking action on the issue of the Chinese app.
The Finance Minister said that along with the Finance Ministry, other concerned ministries are also working on this, so that there is no fraud with the common man. Sitharaman said that in the last seven months she has personally held several meetings with officials from the Reserve Bank, Finance Ministry and other stakeholders to examine this. He told that action has also been taken in this matter.