After Zee business initiated a fierce Zee Business campaign #OperationHaftaVasooli, Google has removed several loan apps from Play Store to protect vulnerable borrowers from the greedy digital lending apps. These apps had been practicing abusive behaviour to put pressure on borrowers. Google against unfair online lending.
Google reviewed hundreds of loan apps on the Play Store and found out that there were several apps that were out rightly disrespecting the safety policies of the Play Store. The company has taken drastic measure and decided loan apps removed from Play Store after the Reserve Bank of India (RBI) announced that it was forming a working group to regulate digital lending.
You Might Also Like: Google Removes Android Loan Apps
The tech giant is implementing strong measures to prevent abuse following reports that these fake loan apps were targeting loan takers and then going to extreme lengths to recover money. Within the last 10 days, Google has removed 117 applications from the Play Store. Google has asked the rest of the application’s developers to explain as soon as possible how they are complying with local laws and regulations. If they fail to do so, then those applications will also be removed from the Play Store. Google said in a Blogpost, “Our global product policies are designed and implemented with this goal in mind– providing a secure experience of products available on Google’s platform is our top priority. We are constantly working to improve the safety of consumers.”
It further added, “We have reviewed hundreds of digital lending applications in India, which were raised by consumers and government agencies. The app, which is in violation of the Consumer Protection Policy, has been immediately removed from the Play Store.” Google also said that it will only allow only personal loan apps “with full repayment required in greater than or equal to 60 days from the date the loan is issued.”
Several loan apps, including like 10MinuteLoan and Ex-Money used to lure customers by granting instant loans to people. These loan apps removed from Play Store used to then levy huge interest and processing charges, and later troubled the customers and defaulters through systematic abusing, harassing, and threatening for paying the money.