These apps do fraud in the name of giving loan, Google took action
Google has taken action against more than 3,500 loan apps in India for breaking Play Store rules. Google has removed all these apps from its App Store.
There are many apps on the Google Play Store that promise to give loans, but all these apps are not verified. Sometimes, using these apps without correct information and verification can land users in trouble. According to the report, to protect users from falling prey to such apps, Google has taken action against over 3,500 loan apps in India during 2022 for breaking Play Store rules. That is, Google has removed all these apps from its App Store.
Policy Update for Financial Services App
In the year 2021, Google updated its policy for financial services apps in India, including personal loan apps. This policy came into force in September 2021. In this, it was to insure whether the app developers have been licensed by the Reserve Bank of India to provide personal loans and submit a copy of the license. If they were not licensed, they would have to confirm that they provided a platform for lending to licensed lenders only. Developers also had to ensure that their developer account name matches their registered business name.
Personal Loan App Declaration
In 2022, Google added more requirements for app developers offering personal loans to non-banking financial companies (NBFCs) and banks as facilitators. These developers were required to disclose the name of their partner NBFCs and banks in the description of the app and provide a live link to their websites where they were listed as official agents. This was part of the personal loan app declaration.
Action on fake personal loan apps
Not only in India, but across the world, Google has taken action against apps that promise personal loan facilities by gaining access to user contacts or photos. Therefore, apps can no longer access sensitive data, such as photos and contacts.
Google is regularly updating its policies and review process. And to maintain the trust of its users, it also insures that all the apps in Play Store follow its rules.
