Due to security concerns, Google claimed to have banned almost 2,000 personal loan apps from the Play Store in India. More than half of all the apps in the payment category are no longer available, according to a Google analysis. Since the beginning of the year, apps have been getting deleted.
After the Reserve Bank of India passed a new regulation outlawing unregulated lending methods to safeguard consumers from borrower harassment's, extortion, and predatory payments, Google began keeping an eye on loan-giving apps in India.
Saikat Mitra, senior director and head of trust and safety, Google Asia-Pacific, commented on the updated Play Store rules and stated they are being updated in response to user feedback and local reports regarding personal loan apps.
After contacting law enforcement, the business chose to remove the apps because, according to Mitra, they constitute a threat to Indian customers. When they are submitted to the Google Play Store, apps are inspected, according to Mitra, but when it comes to lending apps, there has been a lot of alleged illicit behavior outside of the internet. Many users have claimed becoming the target of harassment and blackmail in connection with debt repayment.
After the RBI introduced a legislation to restrict unlicensed lending apps, Google discovered and removed unregulated lending apps (ban unauthorized lending apps (BULA)). Government-approved loan apps are currently unavailable in India, according to Mitra. Even seemingly safe loan apps on the Play Store might endanger users outside.
After the Reserve Bank of India passed a new regulation outlawing unregulated lending methods to safeguard consumers from borrower harassment's, extortion, and predatory payments, Google began keeping an eye on loan-giving apps in India.
Saikat Mitra, senior director and head of trust and safety, Google Asia-Pacific, commented on the updated Play Store rules and stated they are being updated in response to user feedback and local reports regarding personal loan apps.
After contacting law enforcement, the business chose to remove the apps because, according to Mitra, they constitute a threat to Indian customers. When they are submitted to the Google Play Store, apps are inspected, according to Mitra, but when it comes to lending apps, there has been a lot of alleged illicit behavior outside of the internet. Many users have claimed becoming the target of harassment and blackmail in connection with debt repayment.
After the RBI introduced a legislation to restrict unlicensed lending apps, Google discovered and removed unregulated lending apps (ban unauthorized lending apps (BULA)). Government-approved loan apps are currently unavailable in India, according to Mitra. Even seemingly safe loan apps on the Play Store might endanger users outside.
