Aapki Khabar Aapka Fayda: How these fake apps give instant loan?

RBI had issued rules against extortion of fake loan app companies in June 2020. Later a working group was also formed on the same matter, whose draft report has been received but the final rule is yet to come. Despite this, the dirty game of instant loan continues. The number is increasing significantly.To provide a loan, these apps ask for a copy of 3 months bank statement, a photocopy of aadhar card, and a PAN card from the customer. After receiving the documents, they give a loan within minutes. Sometimes loans are given even when such documents are not available. Most of the time such apps have no relation with any bank or NBFCs.