FAKE LOAN APPS

GOOGLE REMOVED 4,700  LOAN APPS FROM PLAYSTORE IN  TWO YEARS

Published By MintGenie Team | 11 Feb, 2024
Did you know Google removed nearly 4,700 illegal loan apps from PlayStore in a span of 2 years ending Aug 2023? 
The latest data was revealed by Dr Bhagwat Karad, Minister of State in the ministry of finance in a reply in Rajya Sabha. 
During April 2021-July 2022, Google reviewed 3,500 to 4,000 loans apps and suspended/ removed over 2,500 apps from PlayStore.

Similarly, during Sept 2022- Aug 2023, over 2,200 loan apps were removed from the PlayStore.

Last year

Further, Google has updated its policy regarding enforcement of loan apps on the Play Store. 

New policy

Only those apps are allowed on the PlayStore which are published by regulated entities or those working in partnership with them.

Regulated entities

In October, 2022 RBI shared a list of 442 unique digital lending apps used by the regulated entities with MeitY.

New list

In fiscal 2023, there were 1,062 complaints against such lending apps.

Complaints

A dozen of fake loan apps removed by Google in September last year had one lakh downloads and 14 had over 50,000 downloads.

Fake apps