Opt for loan apps that have partnered reputable regulated entities

The app must be featured on that entity's website and in RBI's whitelist

The Financial Stability and Development Council (FSDC) recently called for more measures to curb lending by unauthorised loan apps. While the regulators work on making the landscape safer for borrowers, the latter need to exercise caution.

Evolving modus operandi

The influx of unauthorised apps into Google Play Store has decreased significantly since the peak of 2019-20. “Now we only encounter three to five such apps on Google Play Store each week.

Google and various agencies, including us, keep an eye on Play Store,” says Sugandha Saxena, chief executive officer (CEO), Fintech Association for Consumer Empowerment (FACE). She adds that complaints