Monday, September 25, 2023
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SBI warns customers against instant loan apps

The State Bank of India, which the largest lender in the country, has warned customers against instant loan apps and even suggested measures to safeguard against the menace. Taking to Twitter, the bank tweeted, “Please refrain from clicking on suspicious links or giving your information to a company posing as a Bank or Financial Company. Report cybercrimes at”

Instant loan apps, especially those originating from China have been a menace as the government as well as the Reserve Bank of India, have received several complaints against them. Their proliferations have resulted in increased cases of cyber crime and also extortion of hapless borrowers. The bank suggested that it is always better to check the authenticity of an app before downloading, and shared some safety tips. There are lots of illegal apps that may trap users and siphon off money from their accounts. 

Customers should not click on suspicious links and discretion should be used to avoid falling for unauthorized apps. The bank cautioned about checking the app permission settings to secure data from getting stolen and in case of theft, such matters should be reported to the local police.

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