The Reserve Bank of India in a recent report revealed that in India, around 1,100 online loaning apps exist across internet platforms. However, quite shockingly, as many as 600 of these apps for Android users in India, operating across over 80 application stores, were illegal. Proposing a stronger regulation for these digital lending apps, a working group set up by the central bank has recently sought legislation to subject these apps to verification to prevent scams.
Link: Instant Loan Apps: Key Things to Keep in Mind to Avoid Loan Frauds Online
via http://www.news18.com
Techie.Buzz 