The Alarming Rise of Shady Loan Apps: Zerodha CEO Sounds the Alarm
Founder and CEO of Zerodha, Nithin Kamath, has recently expressed his concern over the increasing prevalence of “shady, illegal” digital lending apps that are demanding extensive access to users’ personal information. In a post on X (formerly Twitter), Kamath likened these finance apps to digital versions of predatory moneylenders, known as “Sudakhor” in Hindi. He highlighted the alarming statistics of individuals being deceived by these loan apps, with some resorting to drastic measures such as suicide. Kamath’s warning sheds light on the urgent need to tackle this pervasive problem.
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