120 illegal loan apps removed from Google, Apple stores

ISLAMABAD: To protect the public from falling into debt traps of illegal loan apps, around 120 illegal loan apps that were previously available on Google Play and Apple stores. The measures was taken by the Securities and Exchange Commission of Pakistan (SECP), in collaboration with Google, Apple, and the Pakistan Telecommunication Authority (PTA), in view of the recent proliferation of illegal personal loan apps, raising concerns of misuse, data privacy violations and coercive recovery practices. According to the SECP, it has not only strengthened its regulatory framework for licensed Non-Banking Finance Companies (NBFCs), but has also taken effective measures in coordination with relevant authorities to shut down unauthorised and illegal loan apps. Through vigilant surveillance and complaints received via the SECP’s dedicated complaint site, the regulator identified 120 unlawfully operating personal loan apps. It promptly reported these apps to Google, Apple, and the PTA for blocking, and also referred them to the FIA for further action in accordance with the Prevention of Electronic Crimes Act of 2016. The SECP has stated that it regularly checks the Google Play Store and the Apple App Store for the presence of any illegal apps. As a result of the SECP’s efforts and ongoing engagement, Google has introduced Pakistan’s Personal Loan App Policy, according to which Google only allows SECP-approved Personal Loan Apps to be listed on its Google Play Store. Personal loan borrowers are advised to obtain loans only from licensed NBFCs. The SECP’s regulatory framework for approved apps requires transparent disclosure of fees, loan duration, instalments, and charges. Moreover, the SECP has initiated inspections of licensed NBFCs that provides loans through apps to verify that these entities are not engaged in miss-selling, data privacy breaches, or coercive recovery practices, etc. The commission has also urged the general public to report any illegal loan app or illegal investment schemes, as well as express their concerns in case of any misconduct by the licensed NBFCs too by filing complaints at SECP’s dedicated complaint portal. Published in Dawn, August 17th, 2023
http://dlvr.it/Stm5P1

Comments

PM Shehbaz pays tribute to martyred lieutenant, says military ‘cleaning’ Fitna-ul-Khawarij from Pakistan

Prime Minister Shehbaz Sharif on Sunday paid tribute to an officer who embraced martyrdom during an exchange of fire in Tirah Valley’s Bagh area of Khyber Pakhtunkhwa’s (KP) Khyber district, the Prime Minister’s office said in a notification on Sunday. According to a press release issued by the Inter-Services Public Relations (ISPR) today, an exchange of fire took place between security forces and terrorists on August 9 during which Lieutenant Uzair Mehmood Malik was injured. He succumbed to his injuries and embraced martyrdom at Combined Military Hospital (CMH) today, it said. “At one of the locations in Bagh, Lieutenant Uzair Mehmood Malik, leading his troops from the front, fought bravely and sent four Khawarij to hell,” the statement said. “However, during an intense fire exchange, the officer got critically injured and was under treatment at CMH Peshawar. Today he succumbed to injuries and embraced Shahadat.” The statement added that the security forces of Pakistan ...

Sindh govt, governor announce Rs51m cash prize for Olympics hero Arshad Nadeem

Hours after javelin giant Arshad Nadeem won Pakistan’s first Olympics gold medal in 40 years, the Sindh government and Governor Kamran Tessori on Friday announced cash prizes worth Rs51m for the athlete. At the Paris Olympics, 27-year-old Arshad stormed the field to take a terrific, historic gold at the elite men’s javelin with a mammoth 92.97m off his second throw. It was an Olympic record, erasing the existing one of 90.57m, set by Andreas Thorkildsen at Beijing 2008. “The Sindh government has announced Rs50m for the national hero,” state broadcaster PTV News quoted Karachi Mayor Murtaza Wahab as saying. “A sports academy named after Arshad Nadeem would be established in Karachi,” Wahab was quoted as vowing. Separately, the Sindh governor announced Rs1m for Arshad. “I announce Rs1m for national athlete Arshad Nadeem for his historical success,” he said in a post on X. Detailing the javelin thrower’s achievement, he said, “Many congratulations to t...

Chaudhry Salik Hussain denies reports of 50,000 Pakistani pilgrims missing in Iraq

Minister for religious affairs calls reports on missing pilgrims 'false and misleading,' urging accurate reporting http://dlvr.it/TBlwS3

News ki dunya

Search This Blog