India To Control Which Lending Apps Are Permitted On App Stores in Latest Crackdown (techcrunch.com) 9
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 crack down on sketchy and unethical lenders. From a report: 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 approved 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 financial institutions if they are found guilty, the Finance Ministry said Friday. Indian authorities in recent quarters have been clamping down on lending apps that levy exorbitant fees and use unethical means to collect the payments back. India's central bank said earlier this month that it was moving ahead with new guidelines for digital lending that will mandate firms to provide more disclosure and transparency to benefit consumers as well as restrict several business practices.
Can they crack down on their call centers? (Score:4, Insightful)
If India is trying to control lending apps with an honest attempt to prevent scam lending organizations, that is a general good thing. As India has a bit of a reputation problem of being a hub for scams and general white collar crime. But they should also crack down on their call centers who are doing scam calls, as that too is part of the countries bad global reputation.
India is the second largest populated country, and with China going back to be more stereotypical Chinese. India if they can clean up their reputation and get their act together could be a real economic force in the world.
Re: (Score:3)
They do crack down on those call centers. The problem is that it's a rather insane game of wack-a-mole.
They find one, but 20 of them are never found, and just move location every week. (Numbers made up and probably much worse).
So how much time and effort are you really going to put into doing that when there are higher priorities?
Re:Can they crack down on their call centers? (Score:4, Interesting)
So how much time and effort are you really going to put into doing that when there are higher priorities?
They don't really seem to be addressing their higher priorities. For instance they have money not just budgeted but actually banked for cleaning up their rivers, but they're just sitting on most of it. Maybe they're worried that if they reduce disease they'll have even more of a population problem? But yow.
Re: Can they crack down on their call centers? (Score:2)
And you know this how? Washington Post? New York Times?
Or have you travelled around India and surveyed everything for yourself?
Try it sometime. India is much larger and more complex than your monoculture.
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And you know this how? Washington Post? New York Times?
So you believe that it is false that India has funding earmarked for river cleanup and isn't spending it on river cleanup [nationalheraldindia.com]? Oh whoops, that was from an Indian news outlet. I should have use wapo or nyt just to trigger you.
Re: Can they crack down on their call centers? (Score:2)
You clearly know nothing of Indian politics. The National Herald is owned and operated by the Congress Party, which has been in opposition now for around 8 years.
Quoting that propaganda rag is even worse than quoting the WaPoo or NYT.
Also, the infamous Nehru/Gandhi family is current out on bail for financial shenanigans involving this propaganda rag.
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You clearly know nothing of Indian politics. The National Herald is owned and operated by the Congress Party, which has been in opposition now for around 8 years.
So I presume you have a link to a more reliable publication which shows that the money IS being spent on cleanup, and not just Ad Hominem attacks? If this is so clearly wrong, you should have no trouble finding a countercitation instead of running your mouth.
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Plus a lot of the police are taking bribes to look the other way. The scam call centers are extremely organized these days and always on the lookout for any of the common "scam baiters" and those who might be working undercover.
And are not above using violence on those who dare shutdown their golden goose.
All I want to know is... (Score:1)
All I want to know is how can these 100s of people who borrow like ten thousand from an app then return 5-6 times of that when threatened by something as stupid as sending your morphed photos to all your contacts ?? I mean where does this money come from? And is sending your morphed pics really that bad ? Maybe for some women with traditional upbringing but why for guys or urban women?
And then there are a few guys (10-20) who have actually committed suicide!
Most guys i know would pay to get their morphed se