MoS Finance Comments Google’s Swift Response in Removing 2,200 Deceptive Loan Apps

According to the government, over 2,200 fraudulent loan apps have been suspended or removed from Google’s Play Store between September 2022 and August 2023, as outlined in a written statement issued by the government on Tuesday. 

As per a written reply to a Rajya Sabha question, Minister of State for Finance Bhagwat K Karad said the government has been in constant contact with the Reserve Bank of India (RBI) and other regulators and stakeholders to control fraudulent loan apps. 

Based on the information provided by MeitY (Ministry of Electronics and Information Technology), it seems that Google has reviewed about 3,500 to 4,000 loan apps between April 2021 and July 2022 and has suspended or removed over 2,500 of those apps from its Play Store during this period. 

It was stated that the Reserve Bank of India has released a set of regulatory guidelines that aim to strengthen the regulatory framework for digital lending and to make sure the customer’s safety and well-being are protected, as well as ensuring a safe and secure digital lending ecosystem so that, ultimately, a more secure digital lending environment can be created. 

Several regulatory guidelines have been issued by the Reserve Bank of India on digital lending, according to the minister, aimed at strengthening the regulatory framework for digital le

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