India to control which lending apps are permitted to app stores in latest crackdown

India plans to mandate which loan apps are allowed on app stores in the country, the latest in a series of recent steps from the world’s second largest internet market to crackdown on sketchy and unethical lenders.
The Reserve Bank of India, the country’s central bank, will prepare a “whitelist” of all legal apps and the nation’s IT ministry will ensure that only whitelisted apps are hosted on app stores, the Finance Ministry said in a statement.
The central bank will also monitor “mule” or “rented” accounts for money laundering practices and review and cancel licenses of non banking fin

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