Winter Session | FM Nirmala Sitharaman Comes Down Heavily on Chinese Loan Apps

A TMC MP had claimed that 600 Chinese apps offer small loans without proper paperwork and harass borrowers later.

Finance Minister Nirmala Sitharaman.

(Photo: PTI)

Video Editor: Abhishek Sharma

"We have taken concentrated efforts. RBI, MeiTY, MCA and Ministry of Finance are working to ensure the common man is not cheated by any apps," Finance Minister Nirmala Sitharaman asserted in Rajya Sabha on Friday, 16 December.

The senior member of the BJP (Bharatiya Janata Party) was responding to a zero-hour issue raised by a Trinamool Congress (TMC) MP Nadimul Haque, who claimed that around 600 Chinese lending apps offer small loans without proper paperwork and harass borrowers for the money later.

"Then they bully their customers who are unable to pay on time," he added.

Sitharaman responded by saying that in the last 6-7 months, she held several meetings with RBI representatives and her "secretaries in the ministry."

"A lot of apps that have been badly misused have also been brought to the attention of MeiTY. So there is a coordinated effort to contain such apps. And also to take action against those who are misusing. This is a common man's problem," she concluded.