How does fintech apps work?
Usually many apps can access our fin data with just our pancard ryt. Ind money didnt even ask for my pancard. Just from my number they gave everything. My pancard details, upi ids. Credit cards, bank account etc. how do they work. If i create an app, apply for some licence will i be able to get all this information? Will they check security of the database etc before giving licence..
be extra careful with what permissions you give to any apps (not just loan apps). They extract contact info and even automatically apply for loan without your permission by reading OTPs
ANY APP THAT CAN READ OTP CAN ALSO WIPE YOUR BANK ACCOUNTS
"COMPLIANCE"
You will need to spend loads of money to make your software fully compliant as per industry standards.
