Internet giant Google has begun to remove personal loan applications that do not meet with the guidelines of the Reserve Bank of India (RBI) from its Android Play Store following directives from the banking regulator to keep an eye on the surplus of fintech applications hosted on the website of the search giant.
It should be remembered that the tech giant has cracked the whip on non-authorized lenders’ lending applications, targeting distressed investors to deliver loans at exorbitant interest rates, and then utilizing drastic cash recovery measures. Plus, RBI has set up a working group to analyze all facets of digital lending practices to help it enforce an effective regulatory structure. During December,the apex bank had cautioned people not to fall prey to the unauthorised digital lending platforms and mobile apps.
Suzanne Frey, Vice President, Product, Android Security and Privacy, in a blog post said: “We have reviewed hundreds of personal loan apps in India, based on flags submitted by users and government agencies.”
Although Google did not comment on the number of deleted loan apps, people with direct knowledge of the matter told ET that more than 30 loan apps were removed from the Play Store. They further reported that while not complying with local laws, the apex bank officials had alerted Google to hundreds of money lending applications that were live on the Play Store.
“The (banking) regulator reported its dissatisfaction with the proliferation of unregulated fintech applications on the Google Play Store and advised them to take down such applications,” a source was cited by the financial daily as saying.
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