To reduce the number of fraudulent loan apps available online, Google has removed around 100 instant loan apps from the Google Play Store. Also Read – Top 5 upcoming mobile games in 2021 advanced to
These apps were involved in the alleged collection of personal data and its misuse and the same data was used to issue threats, blackmail people and use other coercive methods for loan collection, according to the Department of Electronics. and Information Technology (MeitY). Also Read – Flipkart Big Saving Days 2021 Sale: Best Mobile Phone Deals To Watch
The IT ministry said law enforcement has notified Google of the availability of these malicious apps that may violate Google’s policies and regulatory framework. The issue was raised at Lok Sabha earlier this week. Also Read – Google’s Tensor Chipset on Pixel 6 Series to be Manufactured by Samsung: Nikkei
Taking a strong stand against these apps, Google has removed around 100 of these apps from December 2020 until January 20, 2021.
Loan applications drain others
Ministry officials said they had received several public grievances against fraud and embezzlement committed by some of these instant loan apps available on Google’s app platform.
The U.S. tech giant said it had reviewed hundreds of these apps at Inda and removed them because they violated Google policies.
Google has also notified developers of the remaining identified applications to demonstrate that they comply with local laws and regulations applicable in the country. Only then will it be allowed to exist in the Google ecosystem.
“We have reviewed hundreds of personal loan applications in India, based on metrics submitted by users and government agencies,” said Suzanne Frey, Vice President, Products, Android Security and Privacy.
RBI’s point of view
The Reserve Bank of India (RBI) has stated that legitimate public lending activities can be undertaken by banks, NBFCs registered with the RBI and other entities regulated by state governments under appropriate statutory provisions such as laws on money lending.
“Members of the public have been warned not to fall prey to such unscrupulous activity and have been advised to check the background of the company / business offering loans online or through mobile apps,” the RBI said.
Google Play Developer Policy requires financial apps offering a personal loan to disclose information such as minimum and maximum repayment period, maximum annual percentage rate, and a representative example of the total cost of the loan.
In order to ensure that users are fooled by such apps, only personal loan apps that are required to be fully repaid within 60 days or more from the date the loan is in trouble are allowed to stay on. the platform in accordance with Google policy.