Action on Fraudulent Loan Apps: The government has increased the strictness on fraudulent loan apps. After that Google has removed 2,500 such apps from its Play Store.
Action on Fraudulent Loan Apps: After increasing frauds with people, the government has become very strict on fraud loan apps for some time. The effect of government strictness has been that Google has removed 2,500 such apps from its Play Store. The government has given this information in the Parliament.
Reviews of so many apps
Finance Minister Nirmala Sitharaman told the Lok Sabha on Monday that Google has removed more than 2,500 fraud loan apps from its Play Store. This action has been taken by Google between April 2021 and July 2022. He told that Google has taken this action after reviewing 3,500 to 4,000 lending apps. The Finance Minister was giving a written answer to a question in the Lok Sabha. In the same reply, Parliament was informed about the action taken on the fraud loan app.
continuous rein work
Finance Minister Sitharaman said that the government is continuously working with the Reserve Bank and other regulators to curb such fake loan apps. He said that this issue is constantly discussed and monitored in the meetings of the Financial Stability and Development Council. FSDC is an inter-regulatory forum, headed by the Finance Minister.
The government is making these efforts
He said that the government’s effort is to remain proactive, maintain cyber security preparedness by continuously monitoring and take appropriate steps in time to remove any weakness in India’s financial system.
RBI prepared this list
According to Sitharaman, the Reserve Bank has prepared a white list of legal apps for the government. The Ministry of Electronics and Information Technology has shared that list with Google. Google approves loan disbursing apps on its App Store only on the basis of the whitelist prepared by RBI. In this way, efforts are being made to curb fake loan apps.