technology

Only banned apps that flouted lending norms: govt official


The Centre has banned only those lending platforms which were not following the laws of the country and its regulators with respect to monetary transactions, a senior government official said.

“If they were legitimate, we would not have banned them,” the official said.

Another official said the banned apps have been asked to present documentary evidence of their operating licences, the geographies they store data in, and other details such as the transactions over the past few months.

“A review committee will look into it,” the person said. “We will take any final decision only after getting all the relevant documents from them. Before that, it would not be correct to comment whether the ban would continue or not.”

The government had earlier this week issued orders to block 138 betting and gambling apps and 94 quick loan-providing apps on an “urgent” and “emergency” basis for alleged “improper data storage and transfer” to other countries as well as money laundering, government officials had said.

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