Digital Lending Fraud: RBI panel finds 600 illegal loan apps on app stores

RBI panel has found that more than 600 illegal loan apps are available on several app stores for Android users in India. Overall, there are more than 1100 unique loan apps that can be searched with keywords. “As per the findings of the WG, there were approximately 1100 lending apps available for Indian Android users across 80+ application stores (from January 01, 2021 to February 28, 2021),” the RBI report said.