Google Has Banned 3500 Lending Apps from India’s Play Store
Last year, Google allegedly took action against 3,500 bogus lending applications in India. According to Google, the Play Store has blacklisted fake apps that broke the guidelines.
However, the company did not reveal how many apps were removed in total during the year-long process.
Google said in August that it will ban 2,000 personal loan companies from its app store in India from January to July 2022.
The growth of unlicensed and fraudulent applications offering digital loans in the nation has disturbed the government, the Reserve Bank of India (RBI), and the Enforcement Directorate (ED).
Ordinary consumers are provided loans with hefty interest rates. As a result, numerous people have committed suicide.
According to reports, more than half of the total applications in the payment category have been deleted. Apps are being withdrawn at the start of 2022.
After the Reserve Bank of India passed a new law prohibiting unregulated lending practices to protect consumers from borrower harassment, blackmail, and aggressive payments, Google began monitoring loan-giving apps in India.
Speaking about the revised Play Store restrictions, Saikat Mitra, Senior Director and Head of Trust and Safety at Google Asia-Pacific, stated that Google Play regulations for personal loan applications are being modified based on local reports and user feedback.
Google believes that such applications represent a risk to Indian consumers and has chosen to delete them after speaking with law enforcement officials.
Mitra highlighted that, while applications are checked on the Google Play Store before they are launched, numerous unlawful acts involving loan apps have been reported outside of the online realm.
Many users have reported harassment and blackmail in the name of loan repayment.
After the RBI passed a law prohibiting unauthorized loan apps (BULA), Google detected and removed them.
According to reports, there are presently no government-approved lending apps in India. Even lending applications that appear innocent in the Play Store might represent a risk to customers outside the Play Store.
However, a Google spokesperson claims that Play Store offers superior service.
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