600 illegal loan apps functioning in India, reports RBI

Reserve Bank of India

Reserve Bank of India

The Reserve Bank of India Working Group on digital lending discovered more than 600 illegal virtual platforms for money transactions through mobile apps. The apps have been created for tricking unsuspicious individuals and groups. They are available across several Android platforms. 

The apps can be easily searched on Play store with key searches like loans, quick loans and instant loans. It was duly available through 81 app stores from January 1, 2021 to February 28, 2021. 

The RBI panel devised a Sachet under the State Level Coordination Committee. It had registered around 2562 complaints from January 2020 to March 2021 against such digital transaction platforms. 

Majority of the complaints regards a link to Non-Banking Financial Company(NBFC) for promoting such entities. The smaller lending apps with assets of Rs 1000 crore are also alleged to have alleged partnership with NBFC. The complaints mostly flowed in from Karnataka, West Bengal, Haryana, Delhi, Gujarat, Andhra Pradesh, Uttar Pradesh and Telengana.



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