New Delhi: Google on Thursday said it purged more than 2,000 controversial personal loan apps from its Play Store in India during the January-June period after consulting with law enforcement. The news came as the Indian government plans to ban 300 of these predatory personal loan apps soon. Most of the apps the government aims to ban have been traced back to China, linked to money laundering.Also Read – US lawmakers unveil new bill to force Google and Facebook to pay news publishers and support journalism
At an event in New Delhi, Saikat Mitra, Senior Director and Head of Trust and Safety at Google Asia-Pacific, informed that the blocked apps targeted Indian users. Read also – Good news for Google TV users! Tech Giant is rolling out new features to improve the user experience. Check details
Mitra has also informed that the tech giant will make more changes to its Play Store policy to curb the proliferation of such predatory apps. Also Read – Latest Job Cuts Update: More New VR Jobs at Meta, Google as They Freeze Hiring
Google now requires personal loan applications in India to meet additional proof of eligibility requirements.
Eligibility includes a copy of their license by the Reserve Bank of India (RBI) and a statement that they are not directly engaged in money lending activities and only provide a platform to facilitate lending of money by registered non-bank financial companies (NBFC) or banks to users.
“If you are licensed by the RBI to provide personal loans, you must submit a copy of your license for our review,” the company said in a recent blog post.
“If you are not directly engaged in money lending business and only provide a platform to facilitate the lending of money by registered Non-Banking Financial Companies (NBFCs) or banks to users , you will need to accurately reflect that in the statement,” he added. .
In June, the Economic Crimes Wing of Odisha Police demanded that Google immediately remove 45 “fake” lending apps from the Play Store, suspected of using unethical practices to recover money from people. borrowers.
Google has removed such money lending apps in the country from time to time following RBI instructions to monitor suspicious fintech apps.
(With contributions from IANS)