Loan Sharks Beware! Govt Cracks Down on Illegal Apps, Boosts Social Impact Funding

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Loan Sharks Beware! Govt Cracks Down on Illegal Apps, Boosts Social Impact Funding

| Updated: February 21, 2024 20:12

Loan Sharks Beware! Govt Cracks Down on Illegal Apps, Boosts Social Impact Funding

New Delhi, India: The fight against illegal loan apps and the potential of social stock exchanges took center stage at the 28th Financial Stability and Development Council (FSDC) meeting, chaired by Finance Minister Nirmala Sitharaman.

The meeting, held on Wednesday, explored ways to curb the harm caused by unregulated lending apps, which have duped many Indian citizens. These apps operate outside the RBI’s regulations and have proliferated amidst the rapid growth of digital lending. Minister of State Bhagwat Karad recently revealed that Google removed nearly 2,200 such apps from its Play Store in a year.

The FSDC also discussed the potential of social stock exchanges to empower social enterprises. These platforms, attached to existing stock exchanges, would allow non-profit organizations to raise funds for their social impact initiatives.

Beyond these specific issues, the meeting emphasized the need for continuous vigilance and proactive measures to address emerging financial stability concerns. The council also underscored the importance of strengthening inter-regulatory coordination within the financial sector to support inclusive economic growth.

India, projected to clock 7% GDP growth in FY24, faces headwinds from external factors like global slowdowns, geopolitical tensions, and rising commodity prices. The FSDC, established in 2010, plays a crucial role in navigating these challenges and ensuring financial stability.

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