The applications were disabled because they gave users inaccurate information.
Islamabad: Securities and Exchange Commission of Pakistan (SECP) has blocked more 120 online loan applications in Pakistan on Wednesday.
According to details the SECP, along with Google and PTA, prohibited 120 online illicit loan apps from the Play Store.
The applications were disabled because they gave users inaccurate information.
Additionally, complaints about these apps' privacy practices and money-recovery procedures have been filed.
The SECP stated that the regulatory framework for licensed Non-Banking Finance Companies has been tightened and the Federal Investigation Authority (FIA) was also approached for action against those behind these illegal loan apps.
Additionally, Google has implemented a new loan app policy that restricts Play Store placement to SECP-approved loan apps only.
One down, three to go: Chelsea on course for quadruple after League Cup win
- 4 hours ago
Five killed as coaster plunges into ravine in Azad Kashmir
- 18 hours ago
Iran’s military vows retaliation in response to Trump’s threats
- 15 hours ago
FIA, IB receive praise from PM for dismantling human trafficking network
- 12 hours ago
Woman dies after falling from Karachi building during drug raid
- 19 hours ago
New Zealand storms to nine-wicket win over Pakistan in first T20I
- 18 hours ago
Fire at Kochani nightclub kills 51, injures over 100
- 19 hours ago
33 killed, dozens injured as tornadoes hit Central US
- 19 hours ago
Four killed, three injured in separate terrorist attacks on police stations in KP
- 19 hours ago
Byrd gets first ECU hit 3 years after amputation
- 4 hours ago
Karachi's Soba Nagar transforms through collaborative WASH initiative
- 16 hours ago
Ration distribution turns tragic in Karachi as elderly woman dies in stampede
- 13 hours ago
