Beware! 600 fake money lending apps operating in India, says RBI report

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Be careful! The RBI report says there are 600 counterfeit money lending apps operating in India

Counterfeit lending app in India: According to a report by the Reserve Bank of India (RBI), there are around 600 illegal lending apps operating in India. These apps are available in multiple app stores for Android users to deceive unsuspecting users, according to a report by the RBI Working Group on Digital Loans (WG).

The report underlines that there are currently about 1,100 loan apps working that can search the internet for keywords like loan, instant loan, quick loan etc. “According to WG’s results, approximately 1,100 lending apps were available for Indian Android users in more than 80 App Stores (January 01, 2021 to February 28, 2021),” it says.

The number of fraud allegations is increasing

To address the growing number of complaints regarding digital lending apps (DLAs), the RBI has set up a separate portal – Sachet. There are a lot of complaints on the portal. About 2562 complaints have been registered from January 2020 to March 2021.

“Most of the complaints are related to lending apps promoted by companies not regulated by the Reserve Bank such as NBFCs, unorganized organizations and individuals. Done.

With 572 cases, Maharashtra tops the list of the highest number of fraud cases registered from a single state. Karnataka is second with 394 cases and Delhi is third with 352 cases.

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