The central government and the Reserve Bank of India have asked tech giant Google to help them crack down on illegal loan apps in India. They appealed to implement stricter rules in the case of illegal loan apps.
Illegal lending apps: The central government and the Reserve Bank of India have asked tech giant Google to help them crack down on illegal loan apps in India. They appealed to implement stricter rules in the case of illegal loan apps. Not only in playstores, but also through websites and other means, it has appealed to ensure that such illegal apps are not introduced. Actually Google does not come under the purview of RBI. However, RBI officials have called Google representatives several times over the past few months to discuss the issue of illegal loan apps. It is known that many users are downloading this app loans from Google Play Stores. On the other hand, Google has announced that they have changed the program policy regarding financial services apps from September last year.
This is applicable for personal loan apps in India. Google revealed that there are 2000 personal loan apps on Playstore targeting India, all of which are found to be violating the policy. Google has announced that it will provide adequate assistance to fix this problem. Google revealed that it has already started action on the complaints coming from industrial associations regarding lending apps.
However, in the past, Google did not heed complaints about individual apps. Google is going to start a new advertisement system for financial services from next month. On the other hand, it seems that the Indian government and RBI are in the process of creating a list of approved lending apps. Government sources revealed that the government is preparing to take measures to block these types of loan apps.
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