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New Delhi, The government on Monday informed Parliament that <keyword id="6355629" type="General" weightage="20" keywordseo="Google" source="Orion">Google</keyword> has suspended or removed over 2,500 fraudulent <keyword id="6095737" type="General" weightage="20" keywordseo="loan-apps" source="Orion">loan apps</keyword> from its Play Store between April 2021 and July 2022. The government is constantly engaged with the Reserve Bank of India (RBI) and other regulators and stakeholders concerned to control fraudulent loan apps, Finance Minister Nirmala Sitharaman said in a written reply to the Lok Sabha. The matter is also regularly discussed and monitored in the meetings of the Financial Stability and Development Council (FSDC), an inter-regulatory forum under the chairpersonship of the Finance Minister. The objective is to remain proactive, maintain cyber security preparedness with constant vigilance, and take appropriate and timely action to mitigate any such vulnerabilities in the Indian financial system, she said. As part of steps taken to control fraudulent loan apps, she said, the RBI has shared a 'whitelist' of legal apps with the government of India, and this list was shared by the Ministry of Electronics and Information Technology (Meity) with Google, whose app store is the primary source of distribution of digital lending apps. Google has updated its policy regarding enforcement of loan lending apps on the Play Store and has also deployed additional policy requirements with strict enforcement actions for lending apps in India, she added. As per their revised policy, only those apps are allowed on the Play Store which are published by Regulated Entities (REs) or those working in partnership with REs. "Between April 2021 and July 2022, Google also reviewed approximately 3,500 to 4,000 loan lending apps and suspended or removed over 2,500 fraudulent loan apps from its Play Store," she said. The Indian Cyber Crime Coordination Centre (I4C), Ministry of Home Affairs (MHA), has been regularly analysing the digital lending apps proactively. Based on its analysis and complaints reported on the National Cyber Crime Reporting Portal, the I4C team analyses apps on various parameters and reports to Meity apps found suspicious for blocking, she said. To spread awareness against cybercrimes and to safeguard interests of citizens, several steps have been taken by the government, the RBI, and banks, she said. The RBI has formulated conducting of electronic-Banking Awareness And Training (e-BAAT) which has largely focussed on awareness about fraud and risk mitigation, while a Nation-wide Intensive Awareness Programme (NIAP) was carried out in collaboration with the REs. In a separate response, Sitharaman said more than 44.46 crore loans amounting to Rs 26.12 lakh crore (as of November 24, 2023) have been sanctioned to the borrowers under the Pradhan Mantri Mudra Yojana (PMMY) since its inception. Under PMMY, collateral-free institutional credit up to Rs 10 lakh is provided by Member Lending Institutions (MLIs), i.e., Scheduled Commercial Banks (SCBs), Regional Rural Banks (RRBs), Non-Banking Financial Companies (NBFCs), and Micro Finance Institutions (MFIs). Any individual who is otherwise eligible to take a loan and has a business plan for a small business enterprise can avail of a loan under the scheme. Loans can be availed for income-generating activities in the manufacturing, trading, and services sectors, and also for activities allied to agriculture, under three categories, -- Shishu (loans up to Rs 50,000), Kishor (loans above Rs 50,000 and up to Rs 5 lakh) and Tarun (loans above Rs 5 lakh and up to Rs 10 lakh).

Google has removed 2,500 fraudulent loan apps from its Play Store, says FM

New Delhi, The corporate affairs ministry is probing various Chinese companies, especially those with links to loan apps, for alleged violations and some of the investigations are at an advanced stage, according to a senior official. In recent times, Indian authorities have been cracking down on entities that are operating loan apps illegally and the ministry has also been acting against companies and related individuals for hiding beneficial ownership. The senior official told PTI that enquiries by the ministry are going on against various Chinese companies, especially those linked to loan apps, and some of the enquiries are at an advanced stage. The ministry, which is implementing the companies law, is mainly looking at whether frauds have been committed at these companies and some of the cases are being probed by the <keyword id="20001098" type="General" weightage="20" keywordseo="serious-fraud-investigation-office" source="keywords">Serious Fraud Investigation Office</keyword> (SFIO), the official said. Further, the official said that the ministry receives complaints from the <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> (<keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword>) and the Ministry of Electronics and Information Technology (MeitY), among other entities, following which enquiries are initiated against the companies concerned. While it is difficult sometimes to track the funding sources for some companies, the official said efforts are made to ascertain the beneficial ownership. In January, the Registrar of Companies (RoC), <keyword id="20064135" type="General" weightage="20" keywordseo="nct" source="keywords">NCT</keyword> (National Capital Territory) of Delhi, and Haryana slapped penalties totalling more than Rs 21 lakh on an Indian company and its related individuals as well as entities. The move was part of cracking the whip for hiding the beneficial ownership links to a Chinese group. On February 6, the finance ministry informed <keyword id="19895397" type="General" weightage="20" keywordseo="parliament" source="keywords">Parliament</keyword> that Google has suspended or removed more than 2,200 fraudulent loan apps from its Play Store between September 2022 and August 2023. The government is constantly engaged with the RBI and other regulators and stakeholders concerned to control fraudulent loan apps. RBI has issued regulatory guidelines on digital lending, which aim at firming up the regulatory framework for digital lending while enhancing customer protection and making the digital lending ecosystem safe and sound.

Corp affairs ministry probing Chinese cos linked to loan apps; investigations at advanced stages

The country's largest lender, <keyword id="6354731" type="General" weightage="50" keywordseo="state-bank-of-india" source="Orion">State Bank of India</keyword> (<keyword id="13222" type="General" weightage="100" keywordseo="sbi" source="Orion">SBI</keyword>) has warned customers against instant loan apps and even suggested measures to safeguard against the menace. "Please refrain from clicking on suspicious links or giving your information to a company posing as a <keyword id="15606804" type="General" weightage="50" keywordseo="bank-or-financial-company" source="Orion">Bank or Financial Company</keyword>. Report cybercrimes at cybercrime.gov.in," the bank tweeted. Instant loan apps, especially those originating from China have been a menace as the government as well as the <keyword id="6354335" type="General" weightage="50" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> (<keyword id="30067" type="General" weightage="50" keywordseo="rbi" source="Orion">RBI</keyword>), have received several complaints against them. Their proliferation has led to increased cases of cybercrime and also extortion of hapless borrowers. Sharing some safety tips, the SBI suggested that it is always better to check the authenticity of an app before downloading. There are lots of illegal apps that may trap users and siphon off money from their accounts. Customers should not click on suspicious links and discretion should be used to avoid falling for unauthorised apps, the SBI said. Check the app permission settings to secure your data from getting stolen and in case of theft, such matters should be reported to the local police authorities, the bank cautioned further. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/article/unicorns-are-pass-cockroaches-are-the-new-favourites-of-venture-capitalists/articleshow/95734214.cms">Unicorns are passé, cockroaches are the new favourites of venture capitalists</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/india-generates-15-16-lakh-formal-sector-jobs-every-month-says-ashwini-vaishnaw-citing-epfo-data/articleshow/95738734.cms">India generates 15-16 lakh formal sector jobs every month, says Ashwini Vaishnaw citing EPFO data</a>

SBI warns customers against instant loan apps

<ul><li>The Indian government has banned 232 applications over “data storage” issues and “money laundering.”</li><li>Out of 232 apps banned, 138 are betting apps, and 94 are quick-loan apps.</li><li>The banned apps include credit applications such as <keyword id="6591942" type="General" weightage="20" keywordseo="lazypay" source="Orion">LazyPay</keyword> and Kissht.</li></ul> The Indian government recently banned 232 betting and loan applications linked to China and other countries, cracking down on gambling and quick loan apps over “improper data storage” and “money laundering” concerns. In addition to Chinese apps, the ban included Indian ‘Buy Now Pay Later’ (BNPL) apps such as LazyPay and Kissht. Out of the 232 apps banned by the Ministry of Electronics and Information &amp; Technology (MeitY), 138 are betting and gambling apps and 94 are quick-loan-providing apps. According to a<a href="https://economictimes.indiatimes.com/tech/technology/govt-blocks-232-foreign-apps-including-chinese-for-gambling-money-laundering/articleshow/97620408.cms"> report</a> by Economic Times, the government has said that the apps have been banned as they contain materials “prejudicial” to the sovereignty and integrity of India. “These apps contained material which is prejudicial to sovereignty and integrity of India,” an official familiar with the matter said. While some of the apps banned have Chinese links, the list also includes Indian applications such as LazyPay and Kissht. Currently, there is no information from the government why apps such as PayU’s LazyPay and Kissht were banned in the country. Some of the apps banned were involved in predatory lending, wherein such apps offered quick funds to people in emergencies, and subsequently, Soon after the announcement, LazyPay’s website was blocked, with the notice – “The website has been blocked as per the order of the Ministry of Electronics and Information Technology under the IT Act, 2000.” While the website is now accessible, the company’s app has stopped working. <cmsannotation type="cmsannotation" annotationid="Customers raise concerns about the app not working" comment="subhead" text="Customers raise concerns about the app not working">Customers raise concerns about the app not working</cmsannotation> LazyPay customers have taken to social media platforms to complain about LazyPay’s app not working. The company is following a template, asking users to message them about the issue. One issue that has arisen after the ban on LazyPay is the fate of existing customers. Currently, there is no clarity about the ban and the possibility of the issue being resolved. This has resulted in existing customers being concerned about the money they borrowed from the company. Business Insider India has reached out to PayU for a comment on the ban on LazyPay and to know the impact on existing customers who have borrowed money from the company. We will update the story after receiving a response from the company. SEE ALSO: <a href="https://www.businessinsider.in/business/news/swiggy-cracks-down-on-password-sharing-allows-users-to-use-same-account-on-only-two-devices/articleshow/97548345.cms">Swiggy cracks down on password sharing, allows users to use same account on only two devices</a> <a href="https://www.businessinsider.in/tech/mobile/news/samsung-galaxy-s23-s23-plus-and-s23-ultra-price-availability-india/articleshow/97544314.cms">Samsung Galaxy S23, S23 Plus, and S23 Ultra priced starting at ₹74,999 in India</a> <a href="https://www.businessinsider.in/tech/news/detectgpt-to-help-teachers-detect-content-generated-using-chatgpt-by-students/articleshow/97438221.cms">DetectGPT to help teachers detect content generated using ChatGPT by students</a>

After Chinese apps, the Indian government cracks down on Indian betting and quick loan apps—here’s why

Cost of Inequity: The Student Loan Crisis

<ul><li>Google is looking to tap into its <keyword id="2750705" type="General" weightage="100" keywordseo="google-pay" source="Orion">Google Pay</keyword> user base to enter the lending segment.</li><li>Google has partnered with banks and NBFCs to offer credit to merchants and consumers.</li><li>Google Pay handles over 30% of the total UPI transactions in the country.</li></ul> Search giant Google has made several major announcements for India at their annual Google for India event including its entry into the lending business, AI-powered initiatives and more. While the company has made several announcements for its different applications and services such as Search, <keyword id="691847" type="General" weightage="20" keywordseo="google-cloud" source="Orion">Google Cloud</keyword> and more, its announcements related to Google Pay were a key highlight of the event. Google is now entering the lucrative lending business in India, along with local partners. This is aimed at both small merchants and regular users. It is noteworthy that Google Pay enjoys a huge market share in India, handling over 30% of the total UPI transactions in the country. “Just like UPI revolutionised digital payments, digitising credit – with consent and privacy safeguards – can provide ways of expanding the reach of formal credit. And the lower transaction cost of digital credit delivery can enable smaller minimum ticket loan sizes, making it more suitable and approachable for more borrowers,” Google said in a post. <cmsannotation type="cmsannotation" annotationid="Credit for merchants" comment="subhead" text="Credit for merchants">Credit for merchants</cmsannotation> Google has announced several credit facilities for merchants, aimed at offering improved access to credit. For this, the company has partnered with banks and NBFCs. <cmsannotation type="cmsannotation" annotationid="Merchant credit line" comment="subhead2" text="Merchant credit line">Merchant credit line</cmsannotation> To help merchants get quicker access to a credit line for their working capital requirements, Google has announced a merchant credit line in partnership with ePayLater. This will be available to merchants, both online and offline, for the purchase of stock and supplies. <cmsannotation type="cmsannotation" annotationid="Sachet loans" comment="subhead2" text="Sachet loans">Sachet loans</cmsannotation> Merchants looking for a smaller credit can instead opt for sachet loans, which is being offered in partnership with DMI finance. The sachet loans start as low as ₹15,000, with repayment options starting at ₹111. <cmsannotation type="cmsannotation" annotationid="Merchant loans" comment="subhead2" text="Merchant loans">Merchant loans</cmsannotation> Google has also partnered with ICICI Bank and Indifi to offer seamless merchant loans and repeat loans. <cmsannotation type="cmsannotation" annotationid="Credit for consumers" comment="subhead" text="Credit for consumers">Credit for consumers</cmsannotation> It’s not just merchants, Google is also entering the consumer lending segment. <cmsannotation type="cmsannotation" annotationid="Personal loans on Google Pay" comment="subhead2" text="Personal loans on Google Pay">Personal loans on Google Pay</cmsannotation> Google has partnered with Axis Bank to offer personal loans to customers on the Google Pay app. Google Pay is already offering personal loans through the app in partnership with DMI Finance and is expected to soon onboard more partners. <cmsannotation type="cmsannotation" annotationid="Credit on UPI" comment="subhead2" text="Credit on UPI">Credit on UPI</cmsannotation> Google has partnered with ICICI Bank to offer Credit on UPI. What this essentially means is that customers will soon be able to avail credit lines from banks on UPI and use this credit line to make payments via the Google Pay app. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/oneplus-open-foldable-launched-in-india-as-an-affordable-alternative-to-samsung-galaxy-z-fold-5/articleshow/104560947.cms">OnePlus Open foldable launched in India as an 'affordable' alternative to Samsung Galaxy Z Fold 5</a> <a href="https://www.businessinsider.in/tech/mobile/news/best-mobile-phone-under-30000-in-india-in-festival-season-2023/slidelist/104551645.cms">Best smartphones under ₹30,000 in India – the perfect mid-range options for you</a> <a href="https://www.businessinsider.in/tech/mobile/news/global-smartphone-shipments-decline-for-the-ninth-consecutive-quarter-expected-to-bounce-back-in-festive-season/articleshow/104487576.cms">Smartphone makers should be a worried lot as global shipments decline to a decade low</a>

Google for India – Sachet loans to credit on UPI, tech giant bets on lending

Nearly nine in 10 customers in <keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword> use fintech lending apps to take <keyword id="6362287" type="General" weightage="20" keywordseo="loans" source="Orion">loans</keyword> for emergencies, <keyword id="42518" type="General" weightage="20" keywordseo="medical" source="Orion">medical</keyword> and upskilling needs, a new report said on Thursday. More than two-thirds feel positive after taking a loan via digital means and 89 per cent reported positively toward digital lending apps, according to the report by the <keyword id="10648101" type="General" weightage="80" keywordseo="fintech-association" source="Orion">Fintech Association</keyword> for Consumer Empowerment (FACE), an association of digital and fintech lending companies. "Customer voices are very reassuring to know that digital credit is meeting customer's critical needs making them resilient to deal with day-to-day exigencies (medical/emergencies/cashflows) and also invest in their future and aspirations," said <keyword id="14579949" type="General" weightage="80" keywordseo="sugandh-saxena" source="Orion">Sugandh Saxena</keyword>, CEO at FACE. A Reserve Bank of India Working Group (WG) report has recommended steps for customers' access to genuine and safe regulated lending apps. "Equally important is customers' understanding of loan conditions including the pricing to take a loan they can afford and the ability to connect with lenders for queries/grievances," Saxena added. To date, 45 per cent have used one app to borrow digitally, while 55 per cent have used two or more apps to fulfill their credit needs. In the absence of a digital lending app, 43 per cent would borrow from their friends and family, but a significant 29 per cent would delay or forgo the need. Top three parameters customers consider when choosing a digital lending app are loan amount, customer reviews/ratings of the app and ease of use. "Top problems customers face when engaging with a digital lending app are identifying the right app, customer service, understanding terms and conditions," the report mentioned. For the large majority, the need for a loan is urgent and real, and they have had to compulsorily fund it, it added. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/personal-finance/news/41-income-taxpayers-yet-to-file-it-return-10-facing-tech-glitches/articleshow/93187624.cms">41% income taxpayers yet to file IT return, 10% facing tech glitches</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/google-pay-dos-and-donts-to-keep-fraudsters-away-in-2022/articleshow/93187599.cms">Google Pay Dos and Don’ts to keep fraudsters away in 2022</a>

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Google has removed 2,500 fraudulent loan apps from its Play Store, says FM

PTI

Corp affairs ministry probing Chinese cos linked to loan apps; investigations at advanced stages

PTI

SBI warns customers against instant loan apps

IANS

After Chinese apps, the Indian government cracks down on Indian betting and quick loan apps—here’s why

Sourabh Jain

Cost of Inequity: The Student Loan Crisis

Insider Inc.

Google for India – Sachet loans to credit on UPI, tech giant bets on lending

Sourabh Jain

Indians resort to loans from lending apps for emergencies and medical expenses

IANS

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