The central government of India has taken a new initiative to free the common people from the problem of illegal digital loan apps. Now the Center has asked Google to arrange strict checking to stop the download of these apps. And Google has to move very fast. News Reuters and ABP Live.
Although Google does not come under the Reserve Bank of India (RBI), the RBI and the Indian government have given tough messages to Google in several meetings in the last few months. Google has been asked to take immediate steps to remove illegal loan apps from the Play Store. The tech giant has also been asked to look into how to stop such apps from working.
Such illegal digital loan apps became quite popular during the pandemic. Already, the government, starting with the RBI, has ordered an investigation against illegal loan apps. These illegal digital lending apps offer loans to people at high-interest rates. These apps harass those who can’t repay their loans on time. Borrowers are intimidated by resorting to illegal means if they do not see the work being done in any way.
Google revised its Play Store Developer Program policy for financial services apps last year. Providing additional information for personal loan applications in India was made mandatory from September 2021. Google has already removed more than 2,000 personal loan apps related to India from its Play Store.
RBI wants all loan apps on the App Store to come under the purview of regulated entities. Google has been asked to take steps to prevent the spread of such apps through other distribution channels such as websites and other means of download.
