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Beware Fake Loan Apps: Google’s Crackdown Solution

Google has removed almost 4,700 illegal loan apps from its PlayStore in a span of two years. The RBI has issued regulatory guidelines on digital lending to strengthen the framework. Fake loan apps with thousands of downloads have also been removed.

by Lilu Anderson
Sun, Feb 11, 2024 9:24am
in Apps
• 2 mins read
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Beware Fake Loan Apps: Google's Crackdown Solution | FinOracle

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Google Removes Nearly 4,700 Illegal Loan Apps from PlayStore in Two Years

Google has taken strict actions against illegal loan apps on its PlayStore, removing almost 4,700 of them in a span of two years, ending in August 2023. Dr Bhagwat Karad, Minister of State (MoS) in the Ministry of Finance, revealed the latest data during a reply in the Rajya Sabha. The search engine giant reviewed around 3,500 to 4,000 loan apps between April 2021 and July 2022, resulting in the suspension or removal of over 2,500 loan apps. Similarly, from September 2022 to August 2023, Google eliminated over 2,200 loan apps from its PlayStore.

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Tags: AIARBhagwat KaradBingCESCybersecurityEcosystemFintechFraudGoogleIndiaLoanMarketMinister of StateMinistry of Electronics and Information TechnologyPartnershipRajya SabhaRegulationReserve Bank of IndiaSearch engineSECTechnologyUSUSA
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