Finance Minister Updates Parliament on Crackdown: 2,500+ Fraudulent Loan Apps Removed by Google

Google has removed over 2,500 fraudulent loan apps from its Play Store between April 2021 and July 2022, according to Finance Minister Nirmala Sitharaman’s statement in Parliament.

The government, in collaboration with the Reserve Bank of India (RBI), is actively addressing the issue of fraudulent loan apps. The Financial Stability and Development Council (FSDC) regularly monitors and discusses the matter.

To control such apps, the RBI shared a whitelist of legal apps with the government, and Google updated its policy for stricter enforcement on lending apps. Approximately 3,500 to 4,000 loan lending apps were reviewed, and over 2,500 fraudulent ones were suspended or removed from the Play Store.

The Indian Cyber Crime Coordination Centre and the Ministry of Home Affairs analyze digital lending apps, and awareness programs have been initiated to safeguard citizens against cybercrimes. In a separate response, Sitharaman stated that over 44.46 crore loans amounting to Rs 26.12 lakh crore have been sanctioned under the Pradhan Mantri Mudra Yojana. The scheme provides collateral-free institutional credit for small business enterprises in various sectors.