Chase India Proposes Setting Up Self-Regulatory Body for Digital Lending Industry Amid Crackdown on Loan Apps

Amid the government crackdown on illegal loan apps, research firm Chase India in a report on Tuesday proposed setting up a self-regulatory organisation (SRO) for the digital lending industry.

The report on whitelisting framework for digital lending apps (DLAs) intends to support the industry, as it will add legitimacy to the practices and business operations of the DLAs, while simultaneously defining an appropriate regulatory approach in the sector.

Chase India has prepared the whitelisting framework with inputs from industry stakeholders.

Last year, the Union Home Ministry sought urgent and strict action by law enforcement agencies against predatory lending apps as harassment, blackmail, and harsh recovery practices by such Chinese-controlled entities have led to multiple incidents of death by suicide.

Many such apps came up during the COVID-19 pandemic as many people across India faced financial hardship and needed funds and these apps lent money for periods ranging from a week to 30 days. These lending apps would charge high-interest rates and processing fees.

In February, the government ordered the blocking of 232 apps operated by overseas entities, including Chinese, for being involved in betting, gambling, and unauthorised loan services.

Fintech firms LazyPay, IndiaBulls Home Loans, and Kissht were on the list of blocked websites. As per the list, MeitY issued orders to block lazypay.in, which is a subsidiary of Dutch investment firm Prosus.

The other websites in the block list include buddyloan.com, cashtm.in, kreditbee.en.aptoide.com, faircent.com, true-balance.en.uptodown.com, and mpokket.en.aptoide.com.

In April, Google said it took action against over 3,500 loan apps in India in 2022 for violating Play Store policy requirements. 


The Vivo X90 Pro has finally made its debut in India, but is the company’s flagship smartphone for 2023 equipped with enough upgrades over its predecessor? We discuss this and more on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
Affiliate links may be automatically generated – see our ethics statement for details.

For the latest tech news and reviews, follow Gadgets 360 on Twitter, Facebook, and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel.


Brands Could Further Pull Back From Elon Musk’s Twitter After Paid Blue Ticks Fuel Imposters



Check out our Latest News and Follow us at Facebook

Original Source

Internet Archive Violated Copyrights With Digital Book Lending, US Judge Rules

A U.S. judge on Friday ruled that an online library operated by the nonprofit organization Internet Archive had infringed the copyrights of four major U.S. publishers by lending out digitally scanned copies of the books.

The ruling by U.S. District Judge John Koeltl in Manhattan came in a closely-watched lawsuit that tested the ability of the Internet Archive to lend out the works of writers and publishers that remained protected by U.S. copyright laws for free.

The San Francisco-based non-profit over the past decade has scanned millions of print books and lent out the resulted digital copies for free. While many are in the public domain, 3.6 million are protected by valid copyrights.

That includes 33,000 titles belonging to the four publishers, Lagardere SCA’s Hachette Book Group, News Corp’s HarperCollins Publishers, John Wiley & Sons Inc and Bertelsmann SE & Co’s Penguin Random House.

They sued in 2020 over 127 books, after the Internet Archive expanded lending with the onset of the COVID-19 pandemic, when brick-and-mortar libraries were forced to close, by lifting limits on how many people could borrow a book at a time.

The nonprofit, which partners with traditional libraries, has since returned to what it calls “controlled digital lending.”

It argued its practices were protected by the doctrine of “fair use,” which allows for the unlicensed use of others’ copyrighted works in some circumstances.

But Koeltl said there was nothing “transformative” about the Internet Archive’s digital book copies that would warrant “fair use” protection, as its ebooks merely replaced the authorized copies publishers themselves license traditional libraries.

“Although IA has the right to lend print books it lawfully acquired, it does not have the right to scan those books and lend the digital copies en masse,” he wrote.

The Internet Archive in a statement promised an appeal, saying the ruling “holds back access to information in the digital age, harming all readers, everywhere.”

Maria Pallante, the head of Association of American Publishers, in a statement said the ruling “underscored the importance of authors, publishers, and creative markets in a global society.”


The newly launched Oppo Find N2 Flip is the first foldable from the company to debut in India. But does it have what it takes to compete with the Samsung Galaxy Z Flip 4? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
Affiliate links may be automatically generated – see our ethics statement for details.

Check out our Latest News and Follow us at Facebook

Original Source

Exit mobile version