Home Entertainment industry Google is abandoning several personal loan applications. Here

Google is abandoning several personal loan applications. Here

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New Delhi: Google India said in a blog post on Thursday that it had removed a number of loaner apps from its Play Store that violated local laws and regulations and other security policies. Google’s move comes after reports suggested that at least 10 Indian loan apps downloaded millions of times from Google’s Play Store violated Google’s rules on how long or how long to repay loans.Also Read – Google Adds New Feature To Instantly Remove Last 15 Minutes From Search History

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“We have reviewed hundreds of personal loan applications in India, based on metrics submitted by users and government agencies. Apps that violate our user security policies were immediately removed from the Store, and we asked the developers of the remaining identified apps to demonstrate that they comply with applicable local laws and regulations, ”Suzanne Frey, Vice President, Product , Android Security and Privacy, Google India wrote in the blog post. Read also – I am an American citizen but India is deep in me: Sundar Pichai from Google

She also wrote that apps that fail to do so will be removed without notice and that Google continues to assist law enforcement with their investigation of this issue.

These apps have been removed from the Play Store

1) 10 minute loan

2) Ex-Silver

3) Additional mudra

4) StuCred

Another app called StuCred was allowed to return to the Google Play Store on January 7 after removing the offer of a 30-day loan.

The move also came from Google a day after a Chinese national and an Indian were arrested in Thane as part of Telangana Police’s investigation into an instant loan app scam. At least 31 people, including four Chinese nationals, have been arrested in the multi-chip scam suspected of being exploited by shell companies that lend small amounts for high interest rates and harass borrowers who fail to repay .

Google also offers loaner applications so as not to collect unnecessary information about users and not to use the collected information for unauthorized purposes.

Why should we pay attention to these applications offering loan applications?

Recently, the Reserve Bank of India advised everyone to beware of digital lending platforms and unauthorized mobile apps.

1) These loan applications demand excessive interest rates and additional hidden fees from borrowers.

2) These apps adopt unacceptable and abusive recovery methods.

3) They abuse the deal to access data on borrowers’ cell phones.

4) They offer false statements to entice borrowers with the promise of loans in a quick and hassle free manner.

5) These frauds can cost borrowers their lives. Five suicides in one week have been reported in Telangana, allegedly linked to the harassment of illegal moneylenders based on apps.