The Kerala government was contemplating formulating a law to rein in loan apps and at least 63 cases have been recorded in the state thus far, Industries Minister E P Jayarajan said on Tuesday.

The irregularities being committed by the loan apps had come to the government's notice. Police have informed that there are at least 400 such apps, which function from outside the state, Jayarajan said in the assembly on a calling attention motion by Congress MLA K Sabarinath on the issue. Jayarajan, speaking for Chief Minister Pinarayi Vijayan, said 63 cases have been registered and crime branch was investigating two cases.

The government was mulling bringing in a law as early as possible to rein in the loan apps, the minister said. Sabarinath wanted the state government to enact a comprehensive legislation taking into consideration the social issues generated among the youth of the state due to lending apps.

Earlier, the Kerala police chief had ordered the crime branch to investigate the online loan apps fraud reported from some parts of the state recently.

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