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.
Gold glitters, historic high in Pakistan
- 4 گھنٹے قبل
Trump administration begins mass layoffs at Voice of America and US-funded media outlets
- 6 منٹ قبل
Security meeting scheduled amid rising terror threats in Pakistan
- 5 گھنٹے قبل
PSX continues rally as KSE-100 gains 663 points amid IMF optimism
- 5 گھنٹے قبل
UConn-Creighton ends in scuffle over 'fancy' dunk
- 4 گھنٹے قبل
Houthis launch twin attacks on USS Harry Truman
- 4 گھنٹے قبل
Five family members of SHO injured in grenade attack in Khuzdar
- 2 گھنٹے قبل
TTP camps destroyed in Khyber Pakhtunkhwa during police operation
- 4 گھنٹے قبل
Weekend US tornadoes leave at least 40 dead
- 4 گھنٹے قبل
FM reveals no plans for salary boost or pension increase in new budget
- 5 گھنٹے قبل
SpaceX aims to send robots to Mars by 2026, humans expected by 2029-2031
- 4 گھنٹے قبل
Wolf attack in Central Kurram leaves 9 injured, including child
- 5 گھنٹے قبل
