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India Bans Chinese Lending Apps: What You Need To Know

Mia Turner by Mia Turner
February 5, 2023
in Loans
0

Home » India Bans Chinese Lending Apps: What You Need To Know

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India’s Ministry of Electronics and Information Technology (MeitY) [1] has begun a process to ban and block 138 betting apps and 94 loan lending apps with Chinese links. The Ministry of Home Affairs recommended the MeitY ban and block these apps by the coming week under Section 69 of India’s IT law, which allows the government to block public access to content in the interest of national security. Orders issued under the section are generally confidential in nature.

[2] India has previously banned popular Chinese mobile apps in the country, citing security concerns which was followed by China expressing concerns over bilateral economic and trade cooperation. Reports suggest that the Central government has initiated the process to ban and block these apps on the recommendation of the home ministry.

[3] Since the start of political tension with China in 2020 following a border clash, India has blocked access to several Chinese mobile apps in the country, including TikTok and WeChat Messenger. The decision to ban and block these apps with Chinese links comes as a result of India’s security concerns and the friction between the two nations. The move is expected to have an impact on the bilateral economic and trade cooperation between India and China.

References:

[1] India to ban Chinese-linked betting and loan lending apps- ANI

[2] India to ban Chinese-linked betting and loan lending apps

[3] India considering banning China-linked betting and loan …

Chinese Lending Apps

The misuse of Chinese-controlled loan apps has been a cause of concern for the government of India in recent years. According to the Enforcement Directorate, Rs 9.82 crores worth of Chinese-controlled loan apps have been frozen in merchant IDs with payment gateways companies as part of an investigation [1].

These apps were found to be operated by Chinese nationals who hired Indians as directors in operations. The Ministry of Home Affairs (MHA) started analysing 28 Chinese loan lending apps six months ago, and has now identified 94 apps, including Raise Cash, Cash Ray, Mobipocket, Infinity Cash, Kredit Mango, CB Loan, Cash Tree, Minute Cash, Cash Light, HDB Loan, SnapItLoan, Go Cash, and several others [2].

These apps are now banned and blocked under the Consumer Protection Act 2019, Cable TV Network Regulation Act 1995 and the IT Rules, 2021, as betting and gambling are illegal in most parts of the country [3].

References:

[1] Chinese Loan Apps: ED Freezes Rs 9.82 Crore Of Predatory …

[2] Centre to ban 138 betting apps, 94 loan lending … – The Hindu

[3] How Predatory Chinese Microloan Apps, Available On Google …

Mia Turner

Mia Turner

+10 years of experience in analyzing and covering the currencies markets with vast experience in fundamental, political and technical analysis, educational content, and copywriting. Contact: [email protected]

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