REPEAT OFFENDERS COULD be imprisoned for 5-10 years with fines up to ₹50 crore.
Frauds by loan apps have become a big concern for the government. To check these practices, a list of 442 loan apps provided by RBI through the ministry of electronics and technology information (MeitY) has been given to Google for white-listing earlier this year. Google had then reviewed 3,500 loan apps and removed around 2,200 digital lending apps (DLAs) from its Play Store.
The draft Bill also proposes that investigations be handed over to the CBI if the lender, borrower, or properties are located in more than one state or outside India, and if the total value of the amount involved is of such magnitude as to significantly affect the public interest.
This story is from the December 20, 2024 edition of Financial Express Mumbai.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the December 20, 2024 edition of Financial Express Mumbai.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Microsoft to spend $80 billion on AI data centers this year
MICROSOFT CORP PLANS to spend $80 billion this fiscal year building out data centers, underscoring the intense capital requirements of artificial intelligence.
S Korea investigators ask acting prez to clear way for Yoon's arrest
SOUTH KOREAN INVESTIGATORS again asked the country's acting president on Saturday to order the presidential security service to comply with an arrest warrant for impeached President Yoon Suk Yeol.
Chinese Dam on Table for Sullivan's India Visit
AI, civilian nuclear cooperation, space may also be taken up
Mike Johnson Re-elected US House Speaker
Republican Congressman Mike Johnson on Friday was re-elected as Speaker of the US House of Representatives with a narrow victory margin of three votes.
No jail time for Trump, suggests judge in US hush money case
Will keep fighting, says communications director Cheung
Border-Gavaskar Trophy: As Bumrah leaves, 'captain' Kohli calls the shots
Kohli took charge after Bumrah left bowling due to spasm
Rohit clears the air: Not going anywhere
Says those on outside can't influence when he stops playing
Worrying signs from the Arctic
Scientists say fires in the region could have major consequences
Big rockets, a telescope & big changes in space await in 2025
Some key events to look forward to in space & astronomy
Dr Manmohan Singh, RIP
The present generation (born after 1991) scarcely believes that there was an India with one television channel, one car, one airline, one telephone service provider, trunk calls, PCO/STD/ISD booths and long waiting lists for everything from two-wheelers to train tickets to passports. The seeds of change were sowed by Dr Singh, a fact belatedly acknowledged by Prime Minister Modi's tribute to him and the Cabinet resolution.
