Updated Jan 18, 2021 | 09:14 IST
In a letter to tech giant Google, Indan fintech lenders mentioned the names of Chinese apps that have 7-14-day products while its rules of not allowing lenders giving short-tenure loans of less than 60 days. Google acting like a super regulator, allege Indian fintech lenders.
New Delhi: Internet giant Goggle’s latest directives to provide credentials have reportedly irked Indian fintech lenders, and they have written to the tech behemoth mentioning the names of Chinese apps that have a week to 14-day products while its rules of not allowing lenders giving short-tenure loans of less than 60 days. Digital lending companies believe Google is acting like a super regulator, seeking details that even the banking regulator does not ask for.
Updated Jan 15, 2021 | 09:09 IST
Tech giant Google has removed some dubious personal loan apps from Play Store in an earnest attempt to safeguard users. Google removes 30 personal loan apps from its Play Store after RBI raises red flags. | Photo Credit: BCCL
New Delhi: Internet giant Google has started to eliminate personal loan apps that do not comply with the Reserve Bank of India’s (RBI’s) guidelines from its Android Play Store following orders from the banking regulator to keep a watch on the excess of fintech applications hosted on the search giant’s platform.
It is worth noting that the tech giant has cracked the whip on lending apps, who are not authorised lenders, targeting vulnerable borrowers to offer loans at exorbitant interest rates and then using extreme measures for recovery of money. Plus, RBI has set up a working group to examine all aspects of digital lending activities to help it implement an appropriate regulatory fr
Tech giant Google on Thursday said it has reviewed hundreds of personal loan apps in India that were flagged by users and government agencies and those found to be violating its user safety policies were immediately removed from its Play Store.
Google has asked the developers of the remaining identified apps to demonstrate that they comply with applicable local laws and regulations, failing which those apps will also be removed. Providing a safe and secure experience across Google s products is our top priority. Our global product policies are designed and implemented with this goal in mind, and we re always working to improve our practices to enhance user safety, Google said in a blogpost.