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In light of this alarming situation, Kamath urged victims to seek help and justice by filing complaints through the official cybercrime portal at https://cybercrime.gov.in or by calling 1930. He emphasized that existing laws are in place to protect individuals from harassment.

The tech giant implemented new restrictions in its Personal Loans policy on Wednesday for apps on Play Store to prevent access to external storage, photos, videos, contacts, precise location, and call logs. 

Google removes 2000 loan apps from Play Store. Google took notice of the unregulated lending apps after the Reserve Bank of India (RBI) recommended a law prohibiting unregulated lending activities (BULA). Loan apps that appear to be harmless may pose a risk to users in the real world.

Google has removed over 2,000 loan apps from India Play Store since January. Predatory loan app problem in India has worsened with the expansion of digitalisation. The tech giant also looks to tighten policies in the coming weeks for greater checks in this space.

RBI takes a tough stand against unregistered digital loan lending apps RBI has disallowed non-bank PPIs from loading credit Instant loan apps are cheating with their consumers

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.

The panel also made several other suggestions to regulate digital lending. The working group was constituted by RBI in January 2021. The group was tasked with issues related to digital lending, including lending through online platforms and mobile apps.

Digital loan process. How to proceed for Digital loan? How to get Digital loan with safety?

Fintech lenders provide convenient credit access. Credit to diverse set of consumers. Be mindful towards identifying the legitimacy of lenders.