ED raids Payment gateways on fraudulent chinese apps

A lawyer friend just told me The Enforcement Directorate raids online payment gateways like Razorpay, Paytm, and Cashfree as part of an ongoing probe against "illegal" instant smartphone-based loans "controlled" by Chinese persons.

This is super super impactful work members of LocalCircles. First RBI made rules post your survey and now ED is enforcing!!!

Credit to Government too for a change!! more

LocalCircles Impact: RBI moves to address fraudulent instant loan apps

Many of you participated on the survey of instant loan apps and their fraudulent and extortionist practices. Even though some of you may not have used them directly, you went the extra mile to understand about how your household staff, other vendors may have used them to take a short term loan.Below is the link to the report which was escalated to RBI on July 5th:RBI acts on LocalCircles escalation on instant loan apps The big news is RBI has taken note of that and issued the Digital Lending norms yesterday. These guidelines require upfront disclosure of all inclusive costs, ban from access to contact lists, logs and media on the consumer's device and storage of all data in India. If this is implemented well, many of these fraudulent apps will have to shut illegitimate operations in India and legitimate entities that operate with transparency will get established in the area of instant loans.

Helpful Transforming India Sep 03

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Govind Vijayaraghavan (Electrical engineering)

No point in rejoicing about small things. Why not take up the issue of corruption in the government, particularly black money created in real estate transactions? Why not talk about the inefficient judiciary which takes decades to decide on cases? What about the systematic destruction of the country by the policy of reservation supported by all political parties to get votes? more

Sep 08

Pammi Vishnumurty

Buy Sell Gold should also have, GST why not. more

Sep 08

Mukut Debchoudhury (i am an nri)

rera is silent . govt is doing nothing , thousands of home buyers are deprived of home , waiting years after years to get booked houses ,more than 11 years home buyers of jaypee who had invested life long saving are now crying, court also giving date after date for hearing , more

Sep 05

Saripalli Suryanarayana

RERA , state, central governments and local circles are mum about escalation of " Middle class houses from 50- 60 lakhs to 1.2 crores" "in all Cities of India". Nothing has changed. We have see the reality sector from many angles Including construction. Raise your voice. Your money will be moved You may be asked to bear the burden. Take care more

Sep 04

K C Rana

Govt. Bodies should remain vigilant to safeguard the interest of public at large. more

Sep 04

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