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Finance Minister Holds Top-Level Meet To Cull Illicit Spread Of Digital Lending Apps

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Finance Minister Holds Top-Level Meet To Cull Illicit Spread Of Digital Lending Apps

During the 28th Financial Stability and Development Council (FSDC) meeting, chaired by Finance Minister Nirmala Sitharaman, the government discussed the issue of unauthorised lending through online apps and measures to curb its spread. The meeting included key decision-makers such as RBI Governor Shaktikanta Das and SEBI's chairperson Madhabi Puri Buch. The finance minister emphasized the need to increase vigilance in containing the spread of unauthorised online lending apps, highlighting concerns about the unregulated spread of digital lending in the country. This comes after the government directed Google to implement stricter norms in checking the spread of fraudulent lending apps. Despite efforts, illegal lending apps still pose a security risk in India's growing digital lending ecosystem.

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