RBI has found 600 illegal lending apps, government blocked 27 of them

About 600 illegal lending apps have been found by a Reserve Bank of India (RBI) working group, while the government has blocked 27 such apps.

The RBI working group found these illegal apps during a short span of just two months, i.e. between January 1, 2021 and February 28, 2021.

At the same time, the RBI received as many as 2,562 complaints against such digital lending apps between January 1, 2020 and March 31, 2021.

Out of the 2,562 complaints received against fraud digital lending apps, the maximum 572 complaints were received from Maharashtra, followed by Karnataka (394), Delhi (352) and Haryana (314).