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Instant loan apps that don’t have an NBFC in their group make it almost impossible for RBI to monitor and regulate them.
Instant loan apps that don’t have an NBFC in their group make it almost impossible for RBI to monitor and regulate them.

Google India removes personal loan apps found violating Play Store policies

  • Instant loan apps have become a problem for many users, and the Reserve Bank of India, recently. Many have complained that these apps access users’ contact details and then threaten or even call their contacts on failure repay loans or being late

NEW DELHI: Search giant, Google, on Thursday, said it has reviewed "hundreds" of personal loan apps in India, based on flags submitted by users and government agencies. The company said it has removed those that were found violating its user safety policies, while asking others to demonstrate compliance with applicable local laws and regulations.

“Apps that fail to do so will be removed without further notice. In addition, we will continue to assist the law enforcement agencies in their investigation of this issue," the company said in a blog post.

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Google reiterated its terms of service for such apps, saying financial services apps, like those offering personal loans, have to disclose minimum and maximum periods of repayment, the maximum annual percentage rate, and a representative example of the total loan cost.

"To help further ensure that users are making sound choices, we only allow personal loan apps with full repayment required in greater than or equal to 60 days from the date the loan is issued," the company said in its post.

“To protect user privacy, developers must only request permissions that are necessary to implement current features or services. They should not use permissions that give access to user or device data for undisclosed, unimplemented, or disallowed features or purposes. Developers must also only use data for purposes that the user has consented to, and if they later want to use the data for other purposes, they must obtain user permission for the additional uses," the post adds.

Instant loan apps have become a problem for many users, and the Reserve Bank of India, recently. Many have complained that these apps take access to users’ contact details and then threaten to, or even call their contacts if they fail to repay the loans or are late. Experts have also said that they do not follow the Reserve Bank of India’s regulations for such services, and have called for regulations.

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