Google said it has removed more than 2,000 personal loan apps from the Play Store in India since January. The company also stated that it has been working on changes regarding personal loans. This news comes amid the crackdown on predatory personal loan applications in India.
The apps were banned after consultation with local authorities, and the apps targeted Indian users. Saikat Mitra, Senior Director and Head of Trust and Security at Google Asia-Pacific, at an event held in New Delhi.
He also mentioned that the company will bring in new safeguards against predatory apps in the coming weeks. He said: “We are working on a policy change that will make the relationship between a loan application and the banking partner more explicit. The new update will make the requirement and the relationship between how the two are connected clearer.”
On the last day, we talked about how the government of India is going to ban 300+ personal loan applications in India. These predatory lending apps are wreaking havoc in India. They are under the radar of various law enforcement agencies in the country for their unethical methods of recovery, exorbitant interest rates, money laundering, use of hawala routes to send money to China, and more.
The government of India has not yet imposed the aforementioned ban on these apps. And with this new news about Google already banning 2000 apps, it’s clear that the number of apps that need to be banned could be well over 300 and these apps often come back with different names on the Play Store.
this needs to stop
Two days ago, a couple and their two children were found dead in their home. (opens in new tab)suspected to be linked to online loan applications. Last week, a man hanged himself in Hyderabad in connection with instant loan apps (opens in new tab). We hear news like this every two weeks.
Google needs to enforce better filtering of these personal apps. The Android maker mentioned that some filters are in place, but not enough.
Not just Google, but legal authorities and the RBI must also take stricter measures to ensure the common man doesn’t get caught in the grip of these predatory apps.