Google removes more than 100 personal loan apps from Play Store

New Delhi : Google on Thursday reported that it has removed hundreds of such personal loan apps from its PlayStore in India that were offering digital loans in violation of the rules. Google is reviewing these apps based on the flags submitted by common people and government agencies. Google has not yet provided information on the number of these apps removed from the PlayStore. But fintech expert Shrikant L has said that Google has removed at least 118 digital loan apps in the last 10 days.

Google has written in its blog that we have received information from our developers about digital loan app violating the rules. Along with this, Google is identifying such apps which violate local laws and regulations by fraudulent digit lending. Action will be taken against the apps doing this without issuing notice.

The Reserve Bank of India (RBI) has formed a working group amid incidents of harassment through the loan app. Working groups have been asked to identify threats to consumers with unregulated landing apps. The RBI had recently cautioned people about an online app for early loan approval and lending at high rates.