Fake Apps

The Working Group constituted by RBI revealed that 600 out of the 1,100 digital lending apps are "fake". It also advised the government to make a separate law to ban these illegal apps. Reportedly, fake apps are hazardous to users' personal information, financial data, and other sensitive details. The group also said that digital lending in India grew to Rs 1.42 lakh crore in 2020 from 11,671 crore in 2017.