The purge, in line with Karad, noticed roughly 2,500 mortgage apps taken down between April 2021 and July 2022, with an extra 2,200 apps eliminated between September 2022 and August 2023. (Image: News18)
The authorities, stated minister of state for finance Bhagwat Karad in Parliament, has been actively collaborating with regulatory our bodies just like the Reserve Bank of India and different stakeholders to curb the menace of unlawful mortgage apps
Minister of state for finance Bhagwat Karad whereas talking in regards to the proliferation of unlawful mortgage apps informed the Rajya Sabha that the ministry of electronics and knowledge expertise in collaboration with Google efficiently eliminated 4,700 fraudulent purposes from the Play Store over the final 2.5 years, whereas the RBI shared an inventory of greater than 400 such apps with MeitY.
MoS Karad revealed that the federal government has been actively collaborating with regulatory our bodies just like the Reserve Bank of India and different stakeholders to curb the menace of unlawful mortgage apps. Highlighting their proactive stance on sustaining cybersecurity preparedness, Karad emphasised the significance of well timed motion to mitigate vulnerabilities within the Indian monetary system.
As a part of these efforts, he disclosed that the RBI had shared an inventory of 442 distinctive digital lending apps with MeitY for whitelisting and the identical record was shared with Google. Subsequently, MeitY collaborated with the tech large to take away or droop over 4,700 fraudulent mortgage apps from the Play Store prior to now two and a half years.
The purge, in line with Karad, noticed roughly 2,500 mortgage apps taken down between April 2021 and July 2022, with an extra 2,200 apps eliminated between September 2022 and August 2023. The minister then highlighted that Google has applied stricter insurance policies concerning the enforcement of mortgage apps on the Play Store, permitting solely these printed by regulated entities or their companions.
Moreover, it was said that in tandem with these actions, the RBI has issued regulatory pointers on digital lending to fortify the regulatory framework and improve buyer safety within the digital lending ecosystem. Additionally, the Indian Cyber Crime Coordination Centre (I4C) underneath the ministry of dwelling affairs has been actively monitoring digital lending apps.
To empower residents in reporting cyber incidents, together with these associated to unlawful mortgage apps, the union dwelling ministry has launched the National Cybercrime Reporting Portal and established a devoted helpline quantity. Furthermore, varied consciousness initiatives, together with cyber security tips about social media, instructional handbooks, and cybercrime prevention campaigns, have been undertaken by the federal government and RBI.
The minister concluded by affirming the federal government’s dedication to combating cybercrimes, significantly these related to fraudulent mortgage apps, by means of sustained vigilance, regulatory measures, and consciousness campaigns akin to digital banking consciousness and coaching (e-BAAT) programmes by the RBI.
