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Google Removes 2,200 Fake Loan Apps from Play Store as Government Cracks Down on Fraudulent Lending

Google has removed about 2,200 fake loan apps from its Play Store in a year. The government gave this information in Parliament on Tuesday. The government said that Google has removed and blocked more than 2,200 loan apps from its Play Store between September 2022 and August 2023 which were fraudulent.

Minister of State for Finance Bhagwat K Karad said in a written reply in the Rajya Sabha that the government is continuously working with the Reserve Bank of India (RBI) and other regulators to control fraudulent loan apps.

The minister said that according to information received from the Ministry of Electronics and Information Technology (MeitY), during April 2021 to July 2022, Google had reviewed about 3,500 to 4,000 loan apps and suspended/removed more than 2,500 loan apps from its Play Store. Had given. Similarly, during September 2022-August 2023, more than 2,200 loan apps were removed from Google Play Store.

Google has also made changes in its policy regarding fraud caused by loan apps. According to the new policy, now Google Play Store will publish only those loan apps which have been approved by Regulated Institutions (RE).

The Reserve Bank has issued guidelines for platforms providing loan services through digital platforms, with an aim to strengthen the regulatory framework for digital lending as well as enhance customer protection. The Indian Cyber Crime Coordination Center (I4C) and the Ministry of Home Affairs (MHA) are also keeping an eye on online loan giving apps in the country.

Loan will be available from JanSamarth portal

Bhagwat K Karad, in response to another question, said that JanSamarth has been prepared to give online loans. Loan will be available for this portal under Credit Link Government Scheme. Till now, a total of 1,83,903 beneficiaries have received loans from this portal. It was launched in December last year.

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