Crackdown has loan apps scrambling to prove their legitimacy

The government has put over 90 fintechs on notice in its latest attempt to clean up the digital lending space.

On Monday morning, B, the founder of a leading digital lending firm, was drafting an action memo to plan for the week ahead. Nothing could have prepared him or his team for what lay ahead. Forty-eight hours later, B was pacing the halls of the Ministry of Electronics and Information Technology in New Delhi, anxiously preparing for a meeting with a team of government officials on which hinged the very survival of his business.   

In those intervening 48 hours, the government drew up a list of over 90 fintech apps. B’s loan app was one of them. While some on …


Ashwin Manikandan

Ashwin writes on fintech and banking at The Morning Context. He joins us from The Economic Times, he worked across the finance, tech and startup verticals, breaking stories related to India’s banking system, startups in the new economy, digital payments, insurance and cryptocurrencies.