An RBI panel found more than 600 illegal lending apps hosted on several app stores.
These apps are hosted on app stores for Android users in India.
There were approximately 1100 lending apps available for Indian Android users across 80+ application stores.
In the recent past, digital lending frauds are on the rise.
New Delhi: A Reserve Bank of India (RBI) panel has found that more than 600 illegal loan apps are available on several app stores for Android users in India. Overall, there are more than 1100 unique loan apps that can be searched with keywords such as loan, instant loan, quick loan, etc.
As per the findings of the WG, there were approximately 1100 lending apps available for Indian Android users across 80+ application stores (from January 01, 2021 to February 28, 2021),” the RBI report said.
No. of App Stores in which Indian loan apps are available ~81. No. of unique Indian loan apps that have the keywords: loan, instant loan, quick loan, etc. ~1100. No. of illegal loan apps ~600,” the RBI report says.