Google Play purges over 2,000 predatory personal loan apps in India this year
IANS 25 August 2022
Google on Thursday said it has purged more than 2,000 controversial personal loan apps from its Play Store in India in the January-June period after consulting with the law enforcement agencies.
The information came as the Indian government plans to ban 300 such predatory personal loan apps soon. Most of the apps the government aims to ban have been traced to China, linked to money laundering.
At an event in New Delhi, Saikat Mitra who is Senior Director and Head of Trust and Safety at Google Asia-Pacific, informed that the blocked apps were targeting Indian users.
Mitra also informed that the tech giant will roll out more changes in its Play Store policy to curb the proliferation of such predatory apps.
Google now requires personal loan apps in India to complete the additional proof of eligibility requirements.
The eligibility includes copy of their license by the Reserve Bank of India (RBI), and declaration that they are not directly engaged in money lending activities and are only providing a platform to facilitate money lending by registered Non-Banking Financial Companies (NBFCs) 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 blogpost.
"If you are not directly engaged in money lending activities and are only providing a platform to facilitate money lending by registered Non-Banking Financial Companies (NBFCs) or banks to users, you will need to accurately reflect this in the declaration," it added.
In June, the Odisha Police's Economic Offence Wing asked Google to immediately remove 45 'fake' loan apps from the Play Store, suspected of using unethical practices to recover money from borrowers.
Google has been removing such money-lending apps in the country from time to time following directions from the RBI to monitor suspecious fintech applications.
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
Consumer Complaint Maintainable over Dispute on Encashment of Bank FD: Supreme Court
Moneylife Digital Team 23 August 2022
A person availing any service from a bank will fall under the purview of the definition of a 'consumer' within the meaning of the Consumer Protection Act, the Supreme Court says.
While setting aside two orders passed by...
Zomato Asked To Pay Rs10,000 Compensation; Provide One Free Meal to Customer
Moneylife Digital Team 23 August 2022
The Chandigarh state consumer disputes redressal commission (SCDRC) has asked Zomato Pvt Ltd to provide one free meal and pay a compensation of Rs10,000 to its customer for deficiency in service and unfair trade...
Only 1% Indians Plan To Buy E-scooters in Next 6 Months, Safety Top Concern
IANS 23 August 2022
As the government probes multiple fires in electric two-wheelers (2W), only 1% household consumers plan to buy an e-scooter in the next six months amid safety and performance concerns, a new report showed on Monday.
Oracle hit by lawsuit in US for violating privacy of '5 billion people'
IANS 23 August 2022
Cloud major Oracle has been hit by a privacy class-action lawsuit in the US, claiming that the company's "worldwide surveillance machine" has amassed detailed dossiers on nearly 5 billion people, the Irish Council for Civil...
Free Helpline
Legal Credit