Instant loan

Google removed 100 scam instant loan apps in India: government

Google has so far removed about 100 instants loan applications of his Play store in the country who have been involved in the alleged collection of personal data and its misuse, fraudulent and illegal practices of physical threats and the use of other coercive methods for loan collection, according to the Department of Electronics and Information Technology (MeitY).

Responding to a question in the Lok Sabha, the Ministry of Informatics said that after being informed by law enforcement about the availability of certain money-lending apps that may not comply with the applicable legal and regulatory framework, Google has already removed around 100 of those applications from December 2020 until January 20, 2021.

The Informatics Ministry said it has received a number of public complaints against the fraud and embezzlement of a few online instant loan applications available on the internet, including on Google play store.

Google announced last month that it had reviewed hundreds of personal loan applications in India and removed several of them that violated the policies of its apps.

The company said it has asked the developers of the remaining identified applications to demonstrate that they comply with local laws and regulations applicable in India.

“We have reviewed hundreds of personal loan applications in India, based on metrics submitted by users and government agencies,” said Suzanne Frey, Vice President, Products, Android security and confidentiality.

Reserve Bank of India (RBI) said in December that legitimate public lending activities can be undertaken by banks, NBFCs registered with the RBI, and other entities regulated by state governments under appropriate statutory provisions such as laws on money loans.

“Members of the public have been warned not to fall prey to such unscrupulous activity and have been advised to check the background of the company / business offering loans online or through mobile apps,” the RBI said.

In accordance with the “Google Play Developer Policy,” financial services apps that offer personal loans are required to disclose key information such as minimum and maximum repayment periods, maximum annual percentage rate, and a representative example of the. total cost of the loan.

To further ensure that users are not subject to unfair terms, only personal loan applications for which full repayment is required within 60 days or more from the date of loan issuance are permitted, in accordance with to Google policy.

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