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Govt plans jail terms, fines for illegal loans
Mint Ahmedabad
|December 20, 2024
The government is seeking to clamp down on unregulated lending with a proposed law that would impose prison terms of up to seven years and fines for unauthorized loans, including those through digital platforms.
A draft law seen by Reuters follows stepped-up government scrutiny since 2022 on digital lending applications following an increase in complaints about unfair lending and predatory recovery practices for loans made to vulnerable and low-income groups.
This story is from the December 20, 2024 edition of Mint Ahmedabad.
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