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Authorities Implements Stringent Measures to Counteract Fraudulent Mortgage Apps on Google Play Retailer

Finance Minister Highlights Proactive Measures within the Elimination of Over 2,500 Apps from April 2021 to July 2022

The Indian authorities has revealed that Google has taken rigorous motion towards fraudulent mortgage functions on the Play Retailer, both suspending or eradicating greater than 2,500 such apps between April 2021 and July 2022. Finance Minister Nirmala Sitharaman, in response to queries raised in Parliament, highlighted the continuing collaboration between the federal government, regulatory our bodies, and Google to deal with the rising menace of fraudulent digital lending apps.

Authorities’s Proactive Engagement

Minister Sitharaman knowledgeable the Lok Sabha that the federal government is actively concerned in discussions with the Reserve Financial institution of India (RBI) and varied stakeholders to deal with the proliferation of fraudulent mortgage apps. She burdened that this challenge had been repeatedly inside the Monetary Stability and Growth Council (FSDC), an inter-regulatory discussion board chaired by the Finance Minister. The first goal is to undertake a proactive stance, improve cybersecurity preparedness, and promptly take crucial actions to deal with vulnerabilities within the Indian monetary panorama.

Collaboration with RBI and Enforcement Actions by Google

As a part of the federal government’s efforts to curb fraudulent mortgage apps, the RBI has shared a ‘whitelist’ of authorized apps with the Ministry of Electronics and Data Expertise (Meity). Meity, in flip, shared this record with Google. Minister Sitharaman disclosed that Google has up to date its coverage relating to the enforcement of mortgage lending apps on the Play Retailer.
Google has included extra necessities with strict enforcement actions particularly for apps working in India. In keeping with the revised coverage, solely apps printed by Regulated Entities (REs) or these in partnership with REs are allowed on the Play Retailer. Between April 2021 and July 2022, Google meticulously reviewed roughly 3,500 to 4,000 mortgage lending apps, ensuing within the suspension or removing of over 2,500 fraudulent apps from its platform.

Function of the Indian Cyber Crime Coordination Centre (I4C)

The Indian Cyber Crime Coordination Centre (I4C), underneath the Ministry of Residence Affairs (MHA), has been actively monitoring digital lending apps. The I4C workforce evaluates apps based mostly on varied parameters, using information from the Nationwide Cyber Crime Reporting Portal, and promptly stories suspicious apps to Meity for crucial motion.

Authorities Initiatives for Cybercrime Consciousness

Minister Sitharaman underscored the federal government’s dedication to spreading consciousness about cyber crimes and defending the pursuits of residents. Notable initiatives embody the electronic-Banking Consciousness And Coaching (e-BAAT) program performed by the RBI, specializing in consciousness about fraud and threat mitigation. Moreover, a Nation-wide Intensive Consciousness Programme (NIAP) in collaboration with Regulated Entities has been began to teach the general public on cyber threats.

Pradhan Mantri Mudra Yojana (PMMY) Replace

In a separate response, Minister Sitharaman shared that as of November 24, 2023, greater than 44.46 crore loans amounting to Rs 26.12 lakh crore have been sanctioned underneath the Pradhan Mantri Mudra Yojana (PMMY). The PMMY goals to supply collateral-free institutional credit score as much as Rs 10 lakh to eligible people with a marketing strategy for a small enterprise enterprise. Loans are categorized as Shishu, Kishor, and Tarun, overlaying a spread of actions in manufacturing, buying and selling, providers, and allied agricultural sectors.