Loans – Ban loan apps, Ramadoss urges Centre
PMK founder S. Ramadoss on Sunday asked the Central government to ban loan apps as the people behind them were loan sharks. An investigation must be conducted into their backgrounds and modus operandi, he said.
In a statement, he said people were falling prey to the instant loan offers from the apps and some had even died by suicide. “Such loan apps have been banned in many south east Asian countries such as Philippines, Vietnam, and countries such as Kenya and South Africa. But why has India not banned these apps,” he asked.
He demanded that licences given to NBFCs in the past which were non-functional must also be cancelled immediately.