In a recent development, Finance Minister Nirmala Sitharaman revealed that Google has taken significant steps to tackle fraudulent loan apps on the Play Store. From April 2021 to July 2022, Google scrutinized 3,500 to 4,000 loan lending apps, leading to the suspension or removal of over 2,500 fraudulent ones.
Sitharaman emphasized the government’s collaboration with the Reserve Bank of India (RBI) and other regulators to address the issue. Meetings of the Financial Stability and Development Council, chaired by the finance minister, consistently oversee these efforts.
Google’s revised policy permits only apps from regulated entities or those collaborating with regulated entities on the Play Store. This move aims to enhance user safety and protect against misleading loan apps.
The Indian Cyber Crime Coordination Centre (14C) under the Ministry of Home Affairs plays a crucial role. The center regularly analyzes digital lending apps and reports suspicious ones to the Ministry of Electronics and Information Technology for blocking.
The RBI has implemented measures to boost cybersecurity and financial literacy. Initiatives include the electronic-banking awareness program (e-BAAT), focusing on fraud awareness, and developing financial education frameworks in schools.
The government actively spreads awareness about cybercrime through various channels, including SMS, radio campaigns, and social media. Moreover, the Ministry of Home Affairs organizes cyber safety and security awareness weeks with states and union territories.
In summary, the collaboration between Google, the Indian government, and regulatory bodies underscores a commitment to ensuring a secure digital lending environment, combating fraudulent loan apps, and promoting financial literacy and cybersecurity.
