YSRCP demands ban on instant loan apps
YSRCP Parliamentary Party leader V Vijaya Sai Reddy on Monday sought a ban on instant loan apps due to their growing misuse.
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Vijayawada: YSRCP Parliamentary Party leader V Vijaya Sai Reddy on Monday sought a ban on instant loan apps due to their growing misuse.
Raising the issue in Zero Hour in the Upper House, he said "I wish to bring to light the menace caused by instant loan apps.
Their modus operandi is to give instant loans through mobile applications and in the process, gain access to sensitive messages, photos and videos. After this, the cycle of blackmailing and extortion starts, wherein the borrower is forced to repay an amount much higher than the loan. If the borrower resists, then he is threatened with leaking of his personal data."
He said many of these loan apps are operating from countries like China. These loan apps engaged in finance business without any approvals from RBI. Andhra Pradesh has witnessed such cases of extortion and blackmail and has tried to do its best to address this issue.
