Search engine giant Google has removed more than 100 personal loan apps from the Play Store. According to Google India, many such apps have been removed from the Play Store in India. Which was in violation of the users' safety policy. It is learned that these apps were providing online loan services in violation of the safety policy. Google has already removed these apps from its platform for the safety of users.
Google has provided this information in one of its blog posts. Google has taken this action based after Reserve Bank of India (RBI) announced that it was forming a working group to regulate digital lending. Google has taken action on more than 100 personal loan apps. Over the past few days, many users have been complaining about short-term loan companies. There were complaints that many companies were harassing users for loans. Some companies were accessing contact details in the name of personal loans. Some even complained of being threatened by a recovery agent.
"We have asked the developers of the remaining identified apps to demonstrate that they comply with applicable local laws and regulations. Apps that fail to do so will be removed without further notice. In addition, we will continue to assist the law enforcement agencies in their investigation of this issue," said Google in its blog.
Google has removed at least 118 digital loan apps in the last ten days, according to fintech expert Shrikant L. Google said it will only allow only personal loan apps "with full repayment required in greater than or equal to 60 days from the date the loan is issued".
Recently, borrowers have identified several lending apps like 10MinuteLoan and Ex-Money that granted instant loans to people and levy huge interest and processing charges. They then resort to systematic abusing, harassing, and threatening the defaulters.