Introduction:Numerous reports shed light on the concerning trend where considerable number of victims have fallen prey to several fraudulent loan apps, which exploits individuals in need by lending small amounts of money with exorbitant high interest rates. These apps not only demand personal information but also impose multiple 'hidden charges' on users. Tragically, in one such instance, a 22 year old student reportedly took his own life, citing harassment by a loan app.1 This is not a story of one but the collective experiences of many who has been subjected to threat and abuse by these fraudulent loan apps. As per the Indian Express report, it has been asserted by Shri Rajeev Chadrasekhar that they are working on a robust mechanism to deal with loan apps which will be rolled out soon. This move is contextualized within the government's proactive measures to combat proliferation of fraudulent loan and betting apps.

Source: The Hindu January 16, 2024 13:29 UTC