Fake Loan Apps Banned Form Google Play Store: Cyber crime cases are continuously increasing in the country. These cyber fraudsters are inventing new tricks every day to defraud people. For some time now, these fraudsters have been taking the help of loan apps to defraud the public. Through these apps, they provide loans to the customers and later also recover the money from them at the desired rate. In view of increasing such cases, the government has taken steps. Taking action, the government has removed about 2500 loan giving apps from Google Play Store. For information, let us tell you that this action has been taken between April 2021 and July 2022.
More than 2,500 fraudulent loan apps suspended
The government informed the Lok Sabha that Google has suspended or removed more than 2,500 fraudulent loan apps from its Play Store between April 2021 and July 2022. Finance Minister Nirmala Sitharaman said in a written reply to a question in the Lok Sabha that the government is continuously working with the Reserve Bank of India (RBI) and other regulators and relevant stakeholders to control fraudulent loan apps. He said the matter is also regularly discussed and monitored in the meetings of the Financial Stability and Development Council (FSDC), an inter-regulatory platform chaired by him.
Review of apps that give Rs 3,500 to Rs 4,000 loan
Nirmala Sitharaman said that, Google has updated its policy regarding the inclusion of lending apps on the Play Store and as per the revised policy, only those apps are allowed to be released on the Play Store which are either Are issued by regulated entities (REs) or working in partnership with REs. Explaining further, he said, between April 2021 and July 2022, Google also reviewed about 3,500 to 4,000 loan granting apps and suspended or removed more than 2,500 fraudulent loan apps from its Play Store.
It is necessary to ban such apps
Giving information, Finance Minister Nirmala Sitharaman also said that RBI had also shared a white list of such apps with the Government of India. This list was shared by the Ministry of Electronics and Information Technology with Google. According to the information revealed, it was found that the distribution of these apps is done with the help of App Store. The reason was that it was very harsh to ban all such apps.