India is blocking over 230 betting and loan apps, many with ties to China

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TechCrunch 1 mo ago

India is blocking over 230 betting and loan apps, many with ties to China - TechCrunch

Quick Summary:

India is moving to block 232 apps, some with links to China, that offer betting and loan services in the South Asian market to prevent misuse of the citizens’ data, the state-owned public broadcaster said Sunday.

According to the new rules, lenders are not permitted to increase a customer’s credit limit without obtaining their consent and are required to disclose the annual loan rate in explicit terms.

The Reserve Bank of India introduced stringent rules for digital lending firms last last year, recommending firms provide more transparency and control to customers.