Google leaves many personal loan apps in India for security concerns

Hyderabad:

To keep its users safe, Internet search engine Google has today removed some personal loan apps from its Play Store, where most Indians download phone applications. It reviewed the products based on user input and alerts issued by government agencies, and has also issued notices to several others in the same business.

“We have reviewed hundreds of personal loan apps in India based on flags deposited by users and government agencies in India. Apps that violated our user security policies were immediately removed from the store. Failing to do so The app will be uninstalled. Note further, “said Suzanne Frey, product, Google’s vice president for Android security, and Privacy in a blog post.

“In addition, we will continue to assist law enforcement agencies in their investigation of this issue,” she wrote.

The move comes a day after a Chinese citizen and an Indian was arrested from Thane under the Telangana Police’s investigation into the quick loan scam. At least 31 people, including four Chinese nationals, have been arrested in a scam worth crores of rupees operated through shell companies, who borrow small sums against small interest rates and harass borrowers who repay. Fail in

In this context, Google has laid down certain requirements for a loan application to use the Play Store platform. This includes providing proof of license to operate, complying with local laws, and disclosing the rate of interest with the minimum and maximum period of repayment with others. It will not allow any product to provide loans for less than 60 days, the company said.

“We believe that transparency of information about the characteristics, fees, risks and benefits of personal loans will help people make informed decisions about their financial needs, reducing the risk of being exposed to misleading financial products and services , ”Ms. Fray wrote.

Further, it has asked the apps not to collect unnecessary information form users and not to use any information collected for unauthorized purposes.

Consumer Collective’s fintech expert Srikanth Lakshmanan has created a database of over a thousand such apps, most of which are on the Google Play Store, although some are out of it.

“Of these, I suspect that there are barely 200 regulated applications. These apps return to the Play Store in a new avatar,” Mr. Lakshmanan told NDTV.

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