Google India-Loan Apps removed from Play Store
Google reviewed hundreds of apps on the Plays Store and found that an unidentified number of apps violated the Play Store’s safety policies, and removed all the apps from the platform.
Google said it will only allow only personal loan apps “with full repayment required in greater than or equal to 60 days from the date the loan is issued”. Additionally, the company asked the developers of the remaining loan apps to demonstrate that they are in compliance with the local laws and regulations. The internet giant has given 5-day time to the developers to provide information regarding-minimum and maximum periods of repayment, maximum annual percentage rate, and representative example of the total loan cost.
In a virtual meeting held earlier in January, RBI officials had alerted Google to hundreds of fintech loan apps that were live on the Play Store despite being non-compliant with local laws, two people aware of the discussions said.
“The apps that were found to violate our user safety policies were removed immediately from the Play Store, and we have asked the developers of the remaining identified apps to demonstrate that they comply with applicable local laws and regulations,” Frey wrote in her blog on Thursday.
As part of the ongoing review, Google India has placed the charge for compliance on lending applications that are still live on its app store, asking them to establish their credentials and prove their compliance with relevant local laws.