The federal government on Tuesday mentioned that Google has taken down greater than 2,200 fraudulent mortgage apps from its Play Retailer in India between September 2022 and August 2023, following a crackdown on unlawful digital lending platforms.
In a written reply to a query in Rajya Sabha, Minister of State for Finance Bhagwat Ok Karad mentioned that the federal government is in fixed contact with the Reserve Financial institution of India (RBI) and different regulators and stakeholders to curb the menace of faux mortgage apps, which have been accused of harassing and extorting cash from debtors.
He mentioned that the Ministry of Electronics and Info Know-how (MeitY) had obtained info from Google that it had reviewed round 3,500 to 4,000 mortgage apps and suspended or eliminated over 2,500 of them from its Play Retailer throughout April 2021-July 2022.
He added that Google had additionally up to date its coverage and enforcement actions for mortgage apps in India, permitting solely these apps on its Play Retailer which might be printed by regulated entities or these working in partnership with them.
Karad mentioned that the RBI had issued regulatory pointers on digital lending, which purpose to strengthen the regulatory framework, improve buyer safety, and make sure the security and soundness of the digital lending ecosystem.
He additionally mentioned that the Indian Cyber Crime Coordination Centre (I4C) underneath the Ministry of Residence Affairs (MHA) had been proactively analysing the digital lending apps regularly and taking motion in opposition to them.
He mentioned that the MHA had launched a Nationwide Cybercrime Reporting Portal (www.cybercrime.gov.in) and a Nationwide Cybercrime Helpline quantity ‘1930’ to allow the residents to report cyber incidents, together with unlawful mortgage apps.
He additional mentioned that the federal government, together with the RBI and banks, had been taking numerous measures to unfold consciousness in opposition to cybercrimes, similar to cyber security ideas, handbooks, greatest practices, consciousness weeks, SMS, radio campaigns, and publicity on prevention of ‘cybercrime’.
He additionally mentioned that the RBI had been conducting digital banking consciousness and coaching (e-BAAT) programmes, which concentrate on consciousness about frauds and danger mitigation.
In the meantime, RBI not too long ago directed Paytm Funds Financial institution from onboarding new prospects. Along with that, RBI’s round put a maintain on credit score transactions or deposits within the Paytm Funds Financial institution amongst different issues.
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