Over 230 Illegal Betting, Gambling, and Loan App- Ban By Centre.
The Indian government has cracked down on illegal betting, gambling, and loan apps, banning over 230 such apps. The Ministry of Electronics and Information Technology (MeitY) has issued a statement warning the public against using these apps and has directed app stores to remove them.
The apps that have been banned include those that offer online casinos, sports betting, and online lotteries. Some of these apps were also found to be involved in illegal lending activities, where users were charged exorbitant interest rates on loans.
The ban is aimed at protecting consumers from falling prey to these illegal activities and to maintain the integrity of the financial system.
The MeitY has also asked the Reserve Bank of India (RBI) to take action against the companies that were found to be involved in these illegal activities. The RBI has been asked to direct banks and payment gateways to block transactions from these companies.
This move by the government is part of its efforts to regulate the online gaming industry in India. Earlier this year, the government had issued a notice to ban several online games, including the popular game PUBG, citing concerns over their impact on the mental health of young people.
It is worth noting that while the government has cracked down on illegal betting, gambling, and loan apps, it has also acknowledged the potential of the online gaming industry as a legitimate source of revenue. The industry is expected to grow at a CAGR of 21% between 2020 and 2025, according to a report by the Indian Federation of Sports Gaming (IFSG) and KPMG.