Fake loan apps will be banned! Reserve Bank's DIGITA is coming

Ananya Shroff
2 Min Read

New Delhi. Illegal loan giving apps are increasing rapidly in the country. Along with this, an increase has been seen in the cases of cyber fraud. The Reserve Bank of India (RBI) has geared up to curb the increasing cyber fraud. To prevent online fraud, the Reserve Bank of India (RBI) is seriously considering setting up a Digital India Trust Agency i.e. DIGITA.

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Sources said that the proposed Digital India Trust agency will verify the digital loan giving apps and create a public register of verified apps. Sources said that the apps which do not have DIGITA's verification mark should be considered un-authorized.

Also read- Will your EMI increase or decrease? RBI's decision is coming on 5th April, know from experts

DIGITA will get the responsibility of investigating digital loan giving app.
This will help in the fight against financial crime in the digital sector. He said that DIGITA will be entrusted with the responsibility of investigating the digital loan giving app. According to sources, this verification process will help in creating more transparency and accountability within the digital loan sector.

More than 2,200 DLAs were removed from the App Store in about a year
Meanwhile, the Reserve Bank has shared a list of 442 digital loan giving apps with the IT Ministry, so that they can be banned on Google. Google has removed more than 2,200 digital lending apps (DLAs) from its App Store from September 2022 to August 2023.

Google has changed its policy
Google has updated its policy regarding enforcement of loan apps on Play Store and only those apps which are working in partnership with RBI Regulated Entity (RE) or RE have been allowed. The change in this policy has been made by Google on the request of RBI and the Department of Financial Services (DFS) under the Finance Ministry.

Tags: Cyber Crime, RBI, Reserve bank of india

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