Government Plans Crackdown on Illegal Loan Apps on Google Play Store and Apple App Store

Government Plans Crackdown on Illegal Loan Apps on Google Play Store and Apple App Store
Government Plans Crackdown on Illegal Loan Apps on Google Play Store and Apple App Store
Government Plans Crackdown on Illegal Loan Apps on Google Play Store and Apple App Store
Government Plans Crackdown on Illegal Loan Apps on Google Play Store and Apple App Store

Government Plans Crackdown on Illegal Loan Apps on Google Play Store and Apple App Store

Government Plans Crackdown on Illegal Loan Apps on Google Play Store and Apple App Store. Image/ PTI

The Indian government is taking steps to combat the rising cases of fraud linked to illegal loan apps available on platforms like Google Play Store and Apple App Store. Union Minister of State for Electronics and IT, Rajeev Chandrashekhar, announced that the government is planning to create norms that will only permit authorized loan apps on these two stores.

Advisory to Google and Apple

Chandrashekhar revealed that the government has issued an advisory to both Google and Apple, urging them not to onboard unsafe or illegal loan applications. The goal is to ensure that only legitimate and permitted loan apps are available for users on these platforms.

Extortion Cases and Fraud

The move comes in response to the increasing number of extortion cases and fraudulent activities linked to illegal loan apps. By regulating and permitting only authorized loan apps, the government aims to protect users from such scams and ensure the safety and legality of financial services available through these platforms.

Consumer Protection

The government’s initiative reflects its commitment to consumer protection and efforts to maintain the integrity and security of digital financial services. Further details about the proposed norms and their implementation may be provided as the plan progresses.

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