Pay attention! 600 bogus money lending apps operating in India, RBI report finds

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Pay attention! 600 bogus money lending apps operating in India, RBI report finds

Strong points

  • No less than 600 illegal money lending apps are working in India, according to RBI
  • These apps are available on several app stores for Android users
  • These apps can search for keywords like loan, instant loan, quick loan, etc.

Applications of fake money lending in India: No less than 600 illegal money lending apps are operating in India, according to a Reserve Bank of India (RBI) report. These apps are available on several app stores for Android users to fool unsuspecting users, according to the RBI Task Force (WG) report on Digital Lending.

The report pointed out that there are currently around 1,100 working loan applications that can be searched using keywords like loan, instant loan, quick loan, etc. on the Internet. “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),” he said. he declares.

Increase in the number of fraud complaints

To respond to the growing number of complaints about digital loan applications (DLA), the RBI has implemented a separate portal – Sachet. The portal has received a large number of complaints. Around 2,562 complaints were registered from January 2020 to March 2021.

“The majority of complaints relate to loan applications promoted by entities not regulated by the Reserve Bank, such as companies other than NBFCs, unincorporated entities and individuals. than ₹ 1000 crore) “, notes the report.

With 572 cases, Maharashtra tops the list for the most fraud cases recorded in a state. Karnataka was second with 394 complaints and Delhi third with 352 cases.

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