Over 600 illegal loan apps operating in India: RBI report
As many as 600 “illegal loan apps” are there in several app stores for Android users in India, the RBI panel has found. Overall, there are more than 1100 loan apps that can be searched with keywords
“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.
Around 2,562 complaints have been received from January 2020 to March 2021 against digital lending apps. The maximum number of complaints have been received in Maharashtra, followed by Karnataka, Delhi, Haryana, Telangana, Andhra Pradesh, Uttar Pradesh, West Bengal, Tamil Nadu, and Gujarat, according to the RBI report.
The COVID-19 pandemic changed everyone's lives dramatically. Many people were having financial troubles, because of which they resorted to online loan apps. While many benefit from the services, many borrowers could not repay the loan that made more trouble than usual.
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