RBI finds 600 illegal lending apps operating in India
2 years, 8 months ago

RBI finds 600 illegal lending apps operating in India

India Today  

A Reserve Bank of India Working Group on digital lending has identified a whopping 600 illegal lending apps operating in India in the last year. As per RBI, “Sachet”, a portal established by RBI against unregistered entities, has received approximately 2,562 complaints against digital lending apps between the start of January 2020 to end of March 2021. In December 2020, the RBI cautioned the general public not to fall prey to unscrupulous activities of unauthorised digital lending platforms and verify the antecedents of the company or firm offering such loans. The RBI has been raising the red flag on the explosion in digital lending apps in India, especially during the pandemic and ensuing lockdowns.

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History of this topic

Govt proposes new legislation to curb proliferation of illegal lending apps
5 days, 4 hours ago

Govt proposes new legislation to curb proliferation of illegal lending apps

New Indian Express  

NEW DELHI: The government is planning a comprehensive legislature to curb the proliferation of illegal lending apps. The department of financial services, Ministry of Finance, has prepared a draft bill, which proposes severe punishment with jail term of up to 10 years and monetary fines of up to `1 crore for those found involved in promoting unregulated lending activities. The …

Delete these 15 fake loan apps now to protect your bank account, over 80 lakh users affected
3 weeks, 6 days ago

Delete these 15 fake loan apps now to protect your bank account, over 80 lakh users affected

India TV News  

India ranks as the number one country for downloading fake apps, according to a recent report by McAfee. McAfee has identified 15 specific fake loan apps that have been downloaded by millions—about 8 million users in total—mostly from the Google Play Store. These fake loan apps often ask for various permissions when installed, such as access to your calls, messages, …

Indian consumers still falling prey to unlawful loan applications: Report
8 months, 1 week ago

Indian consumers still falling prey to unlawful loan applications: Report

India TV News  

One-third of the high-confidence customers have limited knowledge about their digital loans in India. A recent report from the Fintech Association for Consumer Empowerment shared the insights from a customer survey which was conducted between December 2023 and January 2024 to systematically understand the gaps in users' approaches and knowledge about Digital Lending Applications in India and it further drives …

RBI ban on Bank of Baroda World app: Finance ministry's likely plan on frauds
8 months, 1 week ago

RBI ban on Bank of Baroda World app: Finance ministry's likely plan on frauds

Hindustan Times  

Union finance ministry may propose stricter measures to protect citizens from cyber fraud, it was reported. This comes after an increase in incidents of frauds, including the Bank of Baroda World app scam, the Times of India reported citing sources who “mentioned a recent inter-ministerial meeting focused on bolstering cybersecurity and tackling financial fraud”, it noted. In October 2023, the …

The impact of technology on finance: Enhancing experiences and safety
8 months, 2 weeks ago

The impact of technology on finance: Enhancing experiences and safety

Hindustan Times  

The proliferation of financial technology and digital banking services has revolutionised the financial landscape, making access to finance more convenient and inclusive. The prominence of fintech platforms and the increasing digitalisation of banks have democratised financial services, expanding access beyond metropolitan cities. There is a significant increase in instances of fraudsters posing as employees of fintech platforms, attempting to obtain …

Google removed over 2200 fraudulent loan apps from Play Store
10 months, 2 weeks ago

Google removed over 2200 fraudulent loan apps from Play Store

Deccan Chronicle  

New Delhi: The government on Tuesday informed Parliament that Google has suspended or removed more than 2,200 fraudulent loan apps from its Play Store between September 2022 and August 2023. “The government is constantly engaged with the Reserve Bank of India and other regulators and stakeholders concerned to control fraudulent loan apps,” minister of state for finance Bhagwat K Karad …

Google removes 2,200 fraudulent loan apps from Play Store: MoS Finance
10 months, 2 weeks ago

Google removes 2,200 fraudulent loan apps from Play Store: MoS Finance

Hindustan Times  

The government is constantly engaged with the Reserve Bank of India and other regulators and stakeholders concerned to control fraudulent loan apps, Minister of State for Finance Bhagwat K Karad said in a written reply to Rajya Sabha. HT Image "As per the information received from MeitY, during April 2021-July 2022, Google had reviewed approximately 3,500 to 4,000 loan apps …

Harmonizing Horizons: Unravelling Digital Lending Regulations in a Global Context
11 months ago

Harmonizing Horizons: Unravelling Digital Lending Regulations in a Global Context

Live Law  

Driven by technical improvements and improved internet access, digital lending is on the rise in India with the goal of improving financial inclusion. The Consumer Financial Protection Bureau plays a pivotal role in enforcing federal consumer protection laws, recently issuing guidelines tailored for digital lending platforms. United Kingdom Within the United Kingdom, oversight of digital lending platforms falls under the …

Fraudulent loan apps proliferate in India. But how big of a problem are they?
11 months, 3 weeks ago

Fraudulent loan apps proliferate in India. But how big of a problem are they?

Firstpost  

The Centre has ordered popular social media platforms and other websites not to host The Centre is cracking down on fraudulent loan apps. The government on Wednesday ordered social media platforms and other websites not to host Union minister Rajeev Chandrasekhar said, “One of the areas we are now cracking down on is advertising of fraudulent loan apps that many …

The dark world of illegal loan apps in India
1 year ago

The dark world of illegal loan apps in India

Al Jazeera  

Borrowers are harassed by reps of lending apps who abuse, threaten and blackmail them by accessing their contacts, pics. Kreditbe’s name is a rip-off of a legitimate loan app called KreditBee, a common modus operandi for these illegal loan apps which often choose names similar to reputable brands to create a sense of authenticity. In the last three years, Loan …

Govt of India bans over 100 fraudulent Chinese websites in crackdown on China-operated financial scams
1 year ago

Govt of India bans over 100 fraudulent Chinese websites in crackdown on China-operated financial scams

Firstpost  

The government of India has banned over 100 Chinese-operated investment scam websites. These websites were found to be intricately linked to multiple bank accounts, with funds being transferred between accounts to confuse investigating agencies In a decisive move against financial fraud, the Government of India has launched a comprehensive initiative to ban over 100 Chinese-operated investment scam websites that have …

7 reasons why it is essential to stay cautious of digital lending apps
1 year, 4 months ago

7 reasons why it is essential to stay cautious of digital lending apps

Live Mint  

With the rapid advancement of technology and the proliferation of smartphones, the fintech industry in India has witnessed significant growth in recent years. Predatory lending practices Digital lending apps often target vulnerable individuals who may have limited access to formal banking services or who urgently require funds. Data privacy and security concerns Digital lending apps typically require borrowers to share …

Apple removes 6 loan apps from App Store: Read how predatory loan apps target the vulnerable and how to stay safe
1 year, 5 months ago

Apple removes 6 loan apps from App Store: Read how predatory loan apps target the vulnerable and how to stay safe

Op India  

Apple has reportedly removed six predatory personal loan apps from App Store in India in the first week of July 2023. A user reviewed the app on App Store and said, “I borrowed an amount in a helpless situation and a day before repayment due date I got some messages with my pic and my contacts in my phone saying …

Apple removed these loan apps from App Store. Delete them from your iPhone now
1 year, 5 months ago

Apple removed these loan apps from App Store. Delete them from your iPhone now

Hindustan Times  

Technology behemoth Apple has removed several lending apps from the App Store in India after reports of them harassing the borrowers came into light. Recently, the App Store had stopped more than $2 billion in fraudulent transaction last year and rejected nearly 17 lakh app submissions for having failed in meeting the company's standards of quality and safety. Fintech sector …

Bengaluru cops book 15 loan apps for hacking into borrower’s phone
1 year, 5 months ago

Bengaluru cops book 15 loan apps for hacking into borrower’s phone

The Hindu  

Bengaluru Bengaluru East Cyber Crime, Economic Offences and Narcotics Police have booked 15 loan apps for hacking into a mobile phone of a borrower, and morphing pictures stolen from the cell phone. The police have booked Easy Money Loan App, Salarypls, Easy Loan, Cash Me, Pocket Me, Get Rupee, Incash, Money, Rainbow Money, Magic Loan, Homecash Delhi Credit, Shinny Loan, …

Cyberbullying is a psychological war against Indians
1 year, 5 months ago

Cyberbullying is a psychological war against Indians

New Indian Express  

The Ministry of Home Affairs has come up with many initiatives to tackle cybercrimes. However many unscrupulous loan apps keep surfacing in the digital world. In order to save the victims of cyberbullying, the Government of India opening a national level ‘cyber victim counselling centre’ with a common helpline number would be a commendable move. It can function with trained …

Digital Loan Apps in India denied access to user location and call logs: Know Google’s latest guidelines
1 year, 6 months ago

Digital Loan Apps in India denied access to user location and call logs: Know Google’s latest guidelines

India TV News  

Digital loan apps have emerged as a troublesome issue in recent years, exploiting individuals looking for quick and easy money. The companies responsible for these apps no longer have access to sensitive data, including contacts, photos, videos, location information, and call logs from users' devices. Moreover, Google is now demanding that all legitimate app companies provide supporting documentation to verify …

Nuh Big Deal: Rs 100-Crore Cyber Frauds Unearthed, 28,000 Lose Money to Job Offers, Sextortion
1 year, 7 months ago

Nuh Big Deal: Rs 100-Crore Cyber Frauds Unearthed, 28,000 Lose Money to Job Offers, Sextortion

News 18  

Nuh in Haryana has emerged as the latest epicentre of cyber frauds in the country, with a special drive by police unearthing cyber frauds worth over Rs 100 crore involving more than 28,000 people across states and union territories. The Haryana Police claimed to have busted a major gang that used to cheat people across the country with fake SIMs, …

Strict rules for lending apps, combating malware underline Google’s Play Store
1 year, 7 months ago

Strict rules for lending apps, combating malware underline Google’s Play Store

Hindustan Times  

Google has revealed some numbers, which perhaps best illustrate the problem, of how malicious apps and their developers, are attempting to hoodwink unsuspecting users. {{^userSubscribed}} {{/userSubscribed}} {{^userSubscribed}} {{/userSubscribed}} The company’s data suggests they prevented as many as 1.43 million apps from being published on the Play Store for Android users, which violated one or more policy conditions. {{^userSubscribed}} {{/userSubscribed}} {{^userSubscribed}} …

Google took action against over 3,500 loan apps in India for violating norms in 2022
1 year, 7 months ago

Google took action against over 3,500 loan apps in India for violating norms in 2022

India TV News  

New Delhi: Google took action against over 3,500 loan apps in India in 2022 for violating Play Store policy requirements, the company said on Thursday. Google said that overall it prevented 1.43 million policy-violating apps from being published on Google Play banning 173,000 bad accounts preventing over USD 2 billion in fraudulent and abusive transactions in 2022. "In India, in …

Google to restrict personal loan apps from May 31
1 year, 8 months ago

Google to restrict personal loan apps from May 31

India TV News  

Google has officially stated that it will update its Personal Loans policy for users in India, Indonesia, Pakistan, Philippines, Kenya and Nigeria. Google said, "We're updating our Personal Loans policy to state that apps aiming to provide or facilitate personal loans may not access user contacts or photos.” It further added, "Apps that provide personal loans, or have the primary …

Chinese Loan Apps Exploited Covid Crisis, Weak Regulatory Framework to Cheat Millions of Indians, Says ED
1 year, 9 months ago

Chinese Loan Apps Exploited Covid Crisis, Weak Regulatory Framework to Cheat Millions of Indians, Says ED

News 18  

Chinese loan apps took advantage of the Covid crisis in India and cheated millions of gullible people who were in a financial mess. The central investigating agency has highlighted how the Chinese apps took advantage of a weak regulatory framework in India to make mind-boggling profits. Indian investigating agencies are keeping an eye on loan apps like Money View, Krazy …

MeitY reverses ban against some digital lending platforms - Details
1 year, 10 months ago

MeitY reverses ban against some digital lending platforms - Details

Live Mint  

The Centre has decided to revoke a ban against some websites and apps after they shared documents to prove that they were regulated. The Ministry of Electronics and IT had issued orders against 232 apps operated by overseas entities earlier this month for involvement in betting, gambling and unauthorised loan services. While lazypay.in is a subsidiary of Dutch investment firm …

India to ban 138 betting apps, 94 loan-lending apps with Chinese links
1 year, 10 months ago

India to ban 138 betting apps, 94 loan-lending apps with Chinese links

Deccan Chronicle  

New Delhi: In a bid to check fraudulent practices by some 'fake' mobile applications or apps in India, the government has initiated the process to ban 138 betting apps and 94 loan-lending apps with Chinese links on 'urgent and emergency' basis. It is also learnt that the action is being taken by the ministry of electronics and information technology on …

Are You A Digital Lending App User? Know Your Rights, Complaint Process
1 year, 11 months ago

Are You A Digital Lending App User? Know Your Rights, Complaint Process

News 18  

Last year the Reserve Bank of India issued guidelines on digital lending to protect customers from a range of issues including exorbitant interest rates by certain entities, data protection and grievance redressal. – REs shall ensure that they and the LSPs engaged by them shall have a suitable nodal grievance redressal officer to deal with Fintech/digital lending related complaints. – …

Andhra Pradesh: Probe into loan app cases finds links with servers operating from Pakistan, China
2 years, 2 months ago

Andhra Pradesh: Probe into loan app cases finds links with servers operating from Pakistan, China

The Hindu  

The police have sounded alert as the investigation into the loan app fraud and harassment cases have found links with servers operating from Pakistan, China, Bangladesh, Nepal and other countries. “The investigating officers have found that the addresses of these loan app operators and the WhatsApp numbers used in the transactions have links with Pakistan, Bangladesh, China and Nepal. The …

Google faces pressure in India to help curb illegal lending apps
2 years, 3 months ago

Google faces pressure in India to help curb illegal lending apps

The Hindu  

Alphabet Inc's Google has been asked by the Indian government and the central bank to introduce more stringent checks to help curb the use of illegal digital lending applications in India, according to sources. Even though Google doesn't fall under the Reserve Bank of India's ambit, the U.S. tech giant has been called several times in the last few months …

Google faces pressure in India to help curb illegal lending apps: Report
2 years, 3 months ago

Google faces pressure in India to help curb illegal lending apps: Report

Live Mint  

Alphabet Inc's Google has been asked by the Indian government and the central bank to introduce more stringent checks to help curb the use of illegal digital lending applications in India, according to sources. Even though Google doesn't fall under the Reserve Bank of India's ambit, the U.S. tech giant has been called several times in the last few months …

RBI to Prepare Whitelist of Legal Loan Apps as Nirmala Sitharaman Cracks Down on Illegal Apps
2 years, 3 months ago

RBI to Prepare Whitelist of Legal Loan Apps as Nirmala Sitharaman Cracks Down on Illegal Apps

News 18  

The Reserve Bank of India is set to prepare a “Whitelist” of all the legal lending apps, the government said on Friday, following a meeting chaired by finance minister Nirmala Sitharaman a day before. The minister, along with top officials, chaired the meeting to discuss various issued related to illegal loan apps outside the regular banking channels, the finance ministry …

India preparing whitelist of legal loan and finance apps, will ban others soon
2 years, 3 months ago

India preparing whitelist of legal loan and finance apps, will ban others soon

India Today  

Illegal loan apps are flooding the Google Play store and Apple App store. On Friday, the Finance ministry expressed concerns over the increasing number of illegal loan apps on the Google Play store and Apple app store. The decision comes after the union Minister for Finance & Corporate Affairs Nirmala Sitharaman chaired a meeting to discuss the various issues related …

The fatal lure of instant loan apps
2 years, 3 months ago

The fatal lure of instant loan apps

The Hindu  

“Mummy, I am leaving.” This is how Amit Yadav, 35, a mechanic from Madhya Pradesh’s Indore, concluded his note on August 23 before adding the words “ek fakir insaan ” below his name and signature. In response, Union Finance Minister Nirmala Sitharaman said the Central government had taken cognisance of such cases where digital loan apps “originating from one particular …

Entities in Other States Behind Online Loan Frauds, Police Taking Strict Action, Says Kerala Govt
2 years, 3 months ago

Entities in Other States Behind Online Loan Frauds, Police Taking Strict Action, Says Kerala Govt

News 18  

The Kerala government on Monday said that incidents of people being cheated after availing loans through online apps are being reported in the state and the police was taking strict action against the entities involved in such activities even though they are operating from other states. Chief Minister Pinarayi Vijayan said in the assembly that according to information received by …

ED raid on loan apps reveals strong Chinese presence in crypto crimes
2 years, 3 months ago

ED raid on loan apps reveals strong Chinese presence in crypto crimes

The Hindu  

Published : Aug 26, 2022 16:45 IST The Enforcement Directorate, still preoccupied with unearthing corruption and money laundering among opposition politicians, has decided to turn its attention to those involved in the crypto business in the country as well. Entities engaged in predatory lending deposited funds in the rupee wallets of Yellow Tune, which were then converted into cryptocurrency tokens …

Google Banned Over 2000 Harmful Personal Loan Apps In India This Year From Play Store
2 years, 3 months ago

Google Banned Over 2000 Harmful Personal Loan Apps In India This Year From Play Store

News 18  

Google said it has purged more than 2,000 controversial personal loan apps from its Play Store in India in the January-June period after consulting with the law enforcement agencies. Google now requires personal loan apps in India to complete the additional proof of eligibility requirements. The eligibility includes copy of their license by the Reserve Bank of India, and declaration …

When Lending Apps Bully Victims, Debt Trap Sometimes Becomes Deathtrap - News18
2 years, 3 months ago

When Lending Apps Bully Victims, Debt Trap Sometimes Becomes Deathtrap - News18

News 18  

Predatory lending by instant loan apps has led to a spate of suicides in several states. A few months ago, 28-year-old Rajkumar living in Hyderabad also ended his life after facing exactly the same humiliation, which is the modus operandi of Chinese loan apps. PART 5 | Govt Begins Crackdown on Chinese Loan App Companies in Bengaluru, Gurugram, Hyderabad Even …

Google removes over 2,000 loan apps from India Play Store since Jan
2 years, 3 months ago

Google removes over 2,000 loan apps from India Play Store since Jan

Deccan Chronicle  

NEW DELHI: Google has removed over 2,000 loan apps from India Play Store since January this year for violating terms, misrepresenting information, and questionable offline behaviour, a senior official said. Saikat Mitra, Senior Director and Head of Trust and Safety, Google APAC said the company is commited to complying with regulations in all jurisdictions it operates in, and termed online …

Google Play got rid of 2K controversial personal loan apps- Know more
2 years, 4 months ago

Google Play got rid of 2K controversial personal loan apps- Know more

India TV News  

Google has stated that it has started taking off 2,000 controversial personal loan apps from its Play Store in India in the January-June period after consulting with law enforcement agencies. The eligibility includes a copy of their license by the Reserve Bank of India, and a declaration that they are not directly engaged in money lending activities and are only …

India May Ban 300 Apps to Plug the 'Sleaze Route' of Predatory Lending - News18
2 years, 4 months ago

India May Ban 300 Apps to Plug the 'Sleaze Route' of Predatory Lending - News18

News 18  

Predatory lending by instant loan apps have led to a spate of suicides in several states. PART 3 | When Lending Apps Bully Victims, Debt Trap Sometimes Becomes Deathtrap Traced to China and suspected to be one of the biggest money laundering scams, the apps are also being watched closely by the Enforcement Directorate, Serious Fraud Investigation Office, Intelligence Bureau, …

Explained | Why has the RBI come out with a framework to regulate digital lending?
2 years, 4 months ago

Explained | Why has the RBI come out with a framework to regulate digital lending?

The Hindu  

The story so far: On August 10, the Reserve Bank of India instituted a framework for regulating the digital lending landscape in the country. The latest set of regulations are based on recommendations received from its Working Group on ‘Digital Lending including lending through online platforms and mobile apps’ which was constituted last January. Lending Service Providers act in partnership …

RBI issues guidelines to regulate digital lending
2 years, 4 months ago

RBI issues guidelines to regulate digital lending

The Hindu  

The Reserve Bank of India on Wednesday issued the first set of guidelines for digital lending, to crack down on illegal activities by certain players. Stating that digital lending channels had become prominent recently, the RBI said certain concerns had also emerged which, “if not mitigated, may erode the confidence of members of the public in the digital lending ecosystem.” …

Despite awareness and measures to curtail the menace, loan app scams are on the rise in Bengaluru
2 years, 5 months ago

Despite awareness and measures to curtail the menace, loan app scams are on the rise in Bengaluru

The Hindu  

A 37-year-old businesswoman from Yelahanka recently approached the North East Cyber Crime Police to report about five mobile numbers, which were not only spamming her with calls, but had also accessed her trading app to withdraw ₹4,800. At least one in 10 cyber crime cases being reported in the city are related to harassment by loan apps, said senior police …

Digital lenders should stick to businesses they are licensed to do: RBI governor
2 years, 5 months ago

Digital lenders should stick to businesses they are licensed to do: RBI governor

Live Mint  

MUMBAI: Digital lenders should operate within the guardrails of regulatory guidelines and adhere to the specific licences granted to them, Reserve Bank of India governor Shaktikanta Das said on Friday. Without permission if they are engaging in activities for which they have no license then it is not acceptable,” Das said at Bank of Baroda’s annual banking conference. Das said …

Under RBI’s ombudsman scheme, 7,813 complaints received against digital apps and recovery agents
2 years, 5 months ago

Under RBI’s ombudsman scheme, 7,813 complaints received against digital apps and recovery agents

The Hindu  

As many as 7,813 complaints against banks and non-banking finance companies, pertaining to digital lending applications and recovery agents, were received under the Integrated Ombudsman Scheme of the Reserve Bank of India during the last financial year, according to the Central government. In a written reply to a question from Lok Sabha member Aparajita Sarangi, the Minister of State for …

Govt issues warning, says installing unknown lending apps may compromise data
3 years ago

Govt issues warning, says installing unknown lending apps may compromise data

Hindustan Times  

The central government has advised people to stay away from instant mobile application-based lenders, which could land them in trouble. Further, the Cyber Dost Twitter handle has asked people to be vigilant before installing unknown applications on their mobile phone that provide loan. These RBI too has been cautioning people against loans being offered by unauthorised digital platforms, mobile applications …

Beware! 600 fake money lending apps operating in India, says RBI report
3 years ago

Beware! 600 fake money lending apps operating in India, says RBI report

India TV News  

Highlights As many as 600 illegal money lending apps are operating in India, says RBI These apps are available on multiple app stores for Android users These apps can search through key words like loan, instant loan, quick loan, etc Fake Money Lending Apps in India: As many as 600 illegal money lending apps are operating in India, a report …

RBI report finds 600 illegal loan apps operating in India
3 years, 1 month ago

RBI report finds 600 illegal loan apps operating in India

The Hindu  

A Reserve Bank of India Working Group on digital lending, including lending through online platforms and mobile apps, has stumbled upon more than 600 illegal loan apps operating in India. In course of its filed work to prepare a detailed report on digital lending and to suggest recommendations, the WG found out the existence of over 1,100 unique loan apps …

Desist from sharing sensitive info online: SBI tells customers
3 years, 7 months ago

Desist from sharing sensitive info online: SBI tells customers

India TV News  

With digital transactions gaining traction amidst rising COVID cases, the country's biggest lender SBI has cautioned its customers to be alert against fraudsters and not to download any app from an unknown source. "We advise our customers to be alert of fraudsters and not to share any sensitive details online or download any app from an unknown source," State Bank …

Government planning crackdown on apps offering cash loans online
3 years, 9 months ago

Government planning crackdown on apps offering cash loans online

Hindustan Times  

The government is planning a crackdown on apps offering cash loans, exploring new regulatory options that could ban coercive recovery procedures, cap the rate of interest and require mandatory registrations after increasing reports from around the country of people falling into debt traps, with at least 12 cases leading to suicide since late last year. According to a 2007 report …

RBI receives complaints against 1,509 digital lending apps
3 years, 10 months ago

RBI receives complaints against 1,509 digital lending apps

India TV News  

The Reserve Bank of India intimated that it has received complaints against 1,509 digital lending applications, Minister of State for Finance Anurag Singh Thakur said in a written reply to the Lok Sabha on Monday. The RBI has received complaints against 1,019 unregistered or unregulated digital loan applications and 490 registered NBFCs that are engaged in digital lending, he said. …

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