Devious menace: On predatory loan apps
The Hindu·2h ago·Fear
What Happened
A first-year dental student in Kannur died after falling from a building, with police linking harassment from a loan app as a contributing factor. This marks the third suicide linked to loan apps in Kerala within four months. Over thirty-five complaints have been registered since January in Thiruvananthapuram Rural alone. These apps extract personal data and use aggressive recovery tactics. Experts recommend OS-level restrictions, legislation with prison sentences, mandatory bank certification, and stricter disclosure standards.
Key Entities
Nithin RajKannurKeralaLoan appsRBI Digital Lending GuidelinesThiruvananthapuram RuralNBFCNational Commission for Scheduled Castes