Digital loan fraud: RBI panel finds 600 illegal loan applications on app stores | News from the economy


New Delhi: A Reserve Bank of India (RBI) panel found that over 600 illegal lending apps are available on multiple app stores for Android users in India. Overall, there are over 1,100 unique loan apps that can be searched with keywords like loan, instant loan, quick loan, etc.

“According to the findings of the task force, there were around 1,100 loaner apps available to Indian Android users in more than 80 app stores (January 1, 2021 to February 28, 2021),” the report says. RBI.

“No. of App Stores in which Indian loan applications are available ~ 81. Number of unique Indian loan applications containing keywords: loan, instant loan, fast loan, etc. ~ 1,100. Number of applications ~ 600 illegal loans, ”the RBI report states.

In the recent past, digital loan fraud has been on the rise. Over 2,500 complaints were received from January 2020 to March 2021 against digital loan applications, with the maximum number of cases arising from Maharashtra, followed by Karnataka, Delhi, Haryana, Telangana, Andhra Pradesh, Uttar Pradesh, West Bengal, Tamil Nadu and Gujarat, according to the RBI report.

Meanwhile, the task force suggested passing separate legislation to prevent illegal digital lending through apps. The group also made several other suggestions for regulating digital lending. Read also: SBI alert! Bank explains how customers can secure bank accounts, verify details

“The aim of the report has been to improve customer protection and make the digital lending ecosystem safe and healthy while encouraging innovation,” RBI said in a statement. Also Read: Elon Musk X’s Son Æ A-XII Joins Him for Video Call: WATCH viral video

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