Finance Minister Nirmala Sitharaman told in a written reply in the Lok Sabha that Google has removed more than 2,500 fake loan apps from the Play Store between April 2021 and July 2022. He said that the Reserve Bank of India (RBI) had given a list of such apps which are violating the guidelines. Along with this, Sitharaman said that the government is in talks with RBI and other industry stakeholders to curb illegal loan apps. According to Sitharaman, “Google had reviewed 3,500 to 4,000 loan and lending apps between April 2021 and July 2022. Of these, more than 2,500 fake loan apps have been removed from the Play Store.”
He said that the list of legally running loan apps prepared by RBI has been given to the government and Google. The company has also updated its Play Store policy regarding loan and lending apps and has imposed strict conditions for lending apps in the country. A few months ago, Google had said that it had taken action against more than 3,500 loan apps in the country. These apps were violating the policy of Play Store.
Earlier this year, the government had banned many lending apps. There were also apps from some Indian firms. After the notice from the Ministry of Electronics and Information Technology, along with these apps, their websites were also removed. The government had told in Parliament that RBI has issued an advisory to the state governments asking them to control unauthorized digital lending platforms and mobile apps. Many complaints of illegal extortion and harassment of people were received against these apps. These apps give loans of small amounts to people and charge heavy interest on them.
Gadgets 360 for the latest tech news, smartphone reviews and exclusive offers on popular mobiles. Android Download the app and follow us Google News Follow on.
Loan, Google, Lending, China, Market, Demand, Law, Guidelines, Internet, RBI, Government, Apps