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What are the implications of the ED attaching ₹19.39 crore in assets of instant-loan app operators

Discuss the impact of ED attaching assets of instant-loan app operators on the financial sector and regulatory measures.
economy
  • The ED attaching ₹19.39 crore in assets of instant-loan app operators sends a strong message against fraudulent lending practices in the financial sector.
  • It will help in deterring illegal activities by instant-loan app operators and protect consumers from exploitation.
  • The action will contribute towards maintaining financial stability and trust in the lending industry.
  • Regulatory measures will be tightened to ensure that such illegal practices are thoroughly investigated and prevented in the future.
  • Financial institutions may become more cautious in dealing with instant-loan app operators, leading to improved due diligence processes.
This move by the ED is expected to enhance transparency, accountability, and integrity in the financial sector, promoting a healthier lending environment.
Answered 8 months ago
Naish Preparing for Civil Services