Indian regulators have already asked lenders to step up checks against illegal lending apps
MUMBAI:
Alphabet Inc’s Google has been asked by the Indian government and the central bank to introduce more stringent checks to help curb the use of illegal digital lending applications in India, according to sources. Even though Google doesn’t fall under the Reserve Bank of India’s (RBI) ambit, the US tech giant has been called several times in the last few months to meetings by the central bank and the Indian government and urged to introduce tougher checks and balances that can help in weeding out such apps, according to four sources. Indian regulators have already asked lenders to step up checks against illegal lending apps, which became popular during the pandemic.
Published in The Express Tribune, September 20th, 2022.