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Hyderabad: A month after Telangana police began cracking down on illegal instant loan applications following the suicide of five people, the investigation showed a deeper Chinese connection to the scam. After arresting at least four Chinese nationals for using illegal apps, cops are now investigating the roles of other Chinese. In the latest incident, Cyberabad …

Investigating authorities have also ordered payment gateways such as Razorpay and Paytm to stop processing transactions through those apps. About 95% of money lending apps use Razorpay as payment gateway, report says This month, RBI formed a task force to propose regulatory measures to promote the orderly growth of digital lending. As scrutiny intensifies into …

Cash-strapped Nigerians are cushioning the effects of a tough year by turning to digital lending platforms for quick loans. These fast loans are disbursed immediately without human intervention to meet urgent financial needs. They are fast, convenient, secure and easily accessible via mobile apps, USSD and websites. To make everyday Nigerians smile, digital lenders are …

This article is a Press brand Publish. Press brand is a paid service for brands that want to directly reach Techpoint Africa’s audience. The Techpoint Africa editorial team does not write Brand Press content. To promote your brand through Brand Press, please send an email [email protected] Cash-strapped Nigerians are cushioning the effects of a tough …

The scourge of predatory loan applications is not unique to India. Other low-income countries, including Kenya and Nigeria, have also been targeted. Instant loan apps also gained popularity in China in 2016. Next, students turned to borrowing from predatory lending apps, with a number of people committing suicide after being publicly humiliated. In the Chinese …

Instant loan apps offer quick and easy loans without collateral, but many of these apps operate without any regulatory oversight. In fact, some of these apps turned out to be run by Chinese nationals, processing transactions worth millions of dollars. The latest arrest in such a case was made by Rachakonda police in Telangana on …

App-based personal loans that turn out to be deadly traps have long gone unnoticed as they fall outside of Reserve Bank of India (RBI) regulation. But as the predatory nature of these apps is exposed, there is a growing call to regulate them. bccl / file the The Delhi High Court has called for answers …

© iStock.com The Small Business Administration has announced that the Paycheck Protection Program Loan Portal will open on Friday, Jan. 15 at 9 a.m. ET for P3-eligible lenders with assets of $ 1 billion or less. Business owners can complete first or second draw applications starting Friday morning. On Tuesday, January 19, the portal will …

Google India has reviewed hundreds of personal loan apps in India and removed those that violate user safety rules from its Play Store. The company did not disclose the exact number or names of the apps it had removed. In a blog post published Jan. 14, the tech giant said it made the move after …

Bombay: Google has started removing money lending apps that do not comply with the country’s banking regulations from its Android Play Store following instructions from the Reserve Bank of India (RBI) to monitor the glut of hosted fintech apps. on the platform of the search giant. In an exercise that began Wednesday night, more than …

Speaking to the assembly on Tuesday, Industry Minister EP Jayarajan said 63 cases had been registered and the Criminal Branch was investigating two cases. The government of Kerala proposed to formulate a law to curb loan applications after irregularities associated with these applications were brought to its attention. Industries Minister EP Jayarajan said on Tuesday …

READING WEST, PA – (COMMERCIAL THREAD) – Customers Bank (NYSE: CUBI), one of the nation’s leading lenders under the Paycheque Protection Program (PPP) in 2020, began accepting applications for the new round of loans last night government-backed guarantees designed to help small businesses keep their jobs with a paycheck. and health benefits. The bank has …

SALT LAKE CITY, January 11, 2021 / PRNewswire / – Navigation, the smart and simple financing platform for small businesses, today launched its PPP application portal to help small businesses quickly apply for the new Paycheck Protection Program (P3) Loan Round. The Nav PPP portal simplifies and streamlines the PPP loan submission process and guides …

The State Bank of India (SBI) has warned against loans offered by unauthorized digital platforms, with mobile apps promising a quick and hassle-free process. “Beware of scam instant loan applications! Please do not click on any unauthorized links and do not provide your details to an entity masquerading as SBI or any other bank. Visit …

When Ramesh (name changed) borrowed money from one of the app-based instant loan finance companies a few months ago, had no idea his life would turn into misery? Having failed to repay the loans on time, his wife began receiving “calls threatening her husband’s imprisonment” from lenders. Yes, the lender’s “women” are targeting to recover …

Do you want everyone in your contact list including family, friends, coworkers and more to receive phone calls and WhatsApp messages from random numbers asking them to remind you that you haven’t refunded? a loan that you recently took out? If your answer is no, here’s a tip: don’t take out a loan from that …

Madurai’s Madras High Court on Wednesday ordered Center and State notification of a PIL petition to ban online instant loan applications. The petitioner, Madurai’s lawyer S. Muthukumar, complained that the apps were not regulated by RBI and that companies were charging outrageous interest rates. He said several people have taken their own life as a …

The US Small Business Administration has announced that the deadline to apply for the Economic Disaster Lending Program has been extended to December 31. The extension of the deadline follows the recent bipartisan COVID-19 relief bill passed by Congress and enacted by President Donald Trump on December 27, 2020. To date, the agency has approved …

The Small Business Administration (SBA)announced the extension of the deadline for companies to apply for the Economic Disaster Lending (EIDL) program to December 31, 2021. The further extension of the deadline for the second round of EIDL funding Comes after the second $ 900 billion COVID-19 relief bill was enacted on December 27, 2020. SBA …

By Express press service HYDERABAD: The Law Enforcement Directorate has registered a new case related to irregularities committed by organizers of instant loan applications. The case was registered under the Prevention of Money Laundering Act, based on cases previously registered by police in Hyderabad, Cyberabad and other police units in Telangana. It will probe the …

TRAVERSE CITY – Federal loans once used to electrify rural parts of the United States could fund Traverse City Light & Power’s efforts to complete construction of its fiber-optic network. City commissioners on Monday unanimously agreed to support the utility’s request for an $ 18 million rural utility loan from the United States Department of …

Undeterred by the police investigation into app-based loan finance companies, loan collection calls made to customers are ultimately forcing them to end their lives. On Saturday, G. Chandra Mohan, 36, a private warehouse supervisor, committed suicide at his home in Gundla Pochamma, Pet-Basheerabad village in Medchal-Malkajgiri district, about 30 km from Hyderabad. This is the …

The crackdown on instant loan apps, which lure customers into debt traps by offering small, easy loans but at exorbitant interest and short repayment windows, has blown the lid on what police consider like a racket of Rs 21,000 crore. At least three suicides in Telangana have been linked to the apps and a Chinese …