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Google removes 100 fraudulent instant loan apps in India: Govt

According to the Ministry of Electronics and Information Technology, Google has removed about 100 instant loan apps from its PlayStore in the country that were involved in alleged data collection and misuse, fraudulent and unlawful practises of physical threats, and use of other coercive methods for loan recovery (MeitY).


The IT Ministry responded to a question in the Lok Sabha by saying that, after being notified by law enforcement agencies of the availability of certain money lending apps that were possibly not in compliance with the applicable legal and regulatory framework, Google had already removed about 100 of them from December 2020 to January 20, 2021.



According to the IT ministry, it has received a lot of public complaints about frauds and malpractices perpetrated by a few online instant loan applications available on the internet, notably on Google PlayStore.


Last month, Google announced that it had evaluated hundreds of personal loan apps in India and had removed many that had been determined to be in violation of its app regulations.


The company stated that it has requested the creators of the remaining identified apps to demonstrate that they are compliant with Indian laws and regulations.


Suzanne Frey, Vice President, Product, Android Security and Privacy, said, "We've examined hundreds of personal loan applications in India based on flags given by users and government organisations."


In December, the Reserve Bank of India (RBI) stated that banks, NBFCs registered with the RBI, and other companies authorised by state governments under suitable statutory provisions such as Money Lending Acts can engage in legal public lending activities.


"Members of the public were warned not to fall prey to such unethical operations and were urged to check the antecedents of any company/firm offering loans online or through mobile apps," the RBI stated.


Financial services applications that offer personal loans must reveal crucial information such as minimum and maximum payback durations, maximum annual percentage rate, and a realistic example of the total loan cost, according to the "Google Play Developer Policy."


Only personal loan applications with full repayment required in greater than or equal to 60 days from the date the loan is provided are approved, according to Google policy, to assist guarantee that consumers are not subjected to unjust terms.


Conclusion


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