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Business News/ News / India/  Centre cracks down on illegal loan apps, plans to do THIS; check details
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Centre cracks down on illegal loan apps, plans to do THIS; check details

Central govt cracks down on illegal loan apps, plans to create norms for allowing only permitted loan apps on Google,Apple

Minister Rajeev Chandrashekhar said that the centre is planning to whitewash loan apps that are permitted to be available in Google and Apple store (PTI)Premium
Minister Rajeev Chandrashekhar said that the centre is planning to whitewash loan apps that are permitted to be available in Google and Apple store (PTI)

Amid the rising fraud cases due to illegal loan apps, the central government is planning to crack down on such apps available on Google Play Store and Apple app store. It is also planning to create norms for only allowing permitted loan apps on the two stores, said the Union Minister of State for Electronics and IT, Rajeev Chandrashekhar on Saturday.

“Today both the Google Play Store and the Apple App Store have many many applications that are used by the Indians. We are tracking one set of applications which are loan applications. We have issued an advisory to both Google and Apple that they must not onboard unsafe applications or illegal applications," Rajeev Chandrashekhar told ANI.

Government to hold meeting with RBI on illegal loan apps

Six months ago, the government took down and blocked around 120 illegal loan apps, Union Minister told ANI. He also mentioned about the tragic suicide of a victim of loan scam in Kerala. He said that the issue has been taken up by the government strictly and it is trying to hold a meeting with RBI for whitelisting. 

Later, he reiterated government's stance on the rising cases of extortion by illegal loan apps, and said that there is also a plan to make norms of “only allowing permitted loan applications on these two stores."

Illegal loan recovery tactics forced victim to die in Kerala

Illegal roan recovery tactics are considered to be the main cause of suicide by a four-membered family in Kerala, said the police on Thursday. According tot eh police, the family from Ernakulam died by suicide on Tuesday. Varappuzha residents Nijo (40), his wife Shilpa (30) and their children, Able (8) and Aaron (6), were found dead by their family members at their residence on Tuesday morning. In the filed FIR, relatives have accused that the instant loan app's depraved tactics to recover loan led to their suicide.

Local residents have constituted an action council, seeking justice for the family. The locals alleged that the thugs blackmailed vicitms by sending morphed, obscene pictures to their contacts. Launching an investigation into the incident, Ernakulam rural police said Shilpa had taken a loan of 9,300 using an instant loan app. When the payment was delayed, voice messages in another language were allegedly sent to her, threatening that her morphed photos would be sent to her close contacts. The recent incident of suicide due to fraud loan apps has drawn goverment's attention which is trying to ban such apps from Play Store and Apple's App store.

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Published: 16 Sep 2023, 12:07 PM IST
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