Google India has pulled out several Personal Loan Apps from the Play Store. Google took this stepbased on user safety policies and is reviewing hundreds of similar apps for violation of terms of its Android platform.Most app-based lenders try to woo customers through aggressive tactics and then try to recover the loan by harassment and public humiliation. Amid the pandemic, most people are economically weak, which force them to take these personal loans at high-interest rates. This kind of harassmenthas prompted at least one of the borrowers to take his life, attracting regulatory scrutiny.
Google has made it clear that lending apps must comply with Indian laws and regulations."Apps that fail to do so will be removed without further notice. In addition, we will continue to assist law enforcement agencies in their investigation of this issue," Google said in a blog post.Google's policies require loan apps to disclose the period of repayment, the maximum annual rate, and a representative example of the total loan cost. The Play Store will now only allow loan apps that demand customers to repay loans after 60 days or more.
According to the Indian Laws, all the lending apps must be backed by a registered bank or an NBFC and follow the guidelines of the RBI. The lending practices need to be transparent and should strictly avoid any kind of unscrupulous collection. All digital lenders need to ensure the charges levied aren't exorbitant and follow all policies laid down by the RBI.
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