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When contacted by Reuters, the apps offering short tenures either denied wrongdoing or did not respond. The apps, many of which act as intermediaries connecting borrowers and lending institutions, are not breaking the law as the RBI has no rules covering minimum loan tenures. The RBI also does not oversee intermediaries. The Indian finance ministry and information technology ministry did not respond to requests for comments on whether they planned to increase scrutiny of these apps. Some consumer campaigners say short-term, or payday, loans can lead to borrowers defaulting and running up spir...

BW Businessworld Some Lending Apps Thrive On India's Google Play Despite Policy Violations The Indian finance ministry and information technology ministry did not respond to requests for comments on whether they planned to increase scrutiny of these apps. Photo Credit : At least 10 Indian lending apps on Google's Play Store, which have been downloaded millions of times, breached Google rules on loan repayment lengths aimed at protecting vulnerable borrowers, according to a Reuters review of such services and more than a dozen users.     Four apps were taken down from the Play Store - where...

Officials are investigating dozens of lending apps following the suicides of at least two borrowers in the past month.

At least 10 Indian lending apps on Google's Play Store, which have been downloaded millions of times, breached Google rules on loan repayment lengths aimed at protecting vulnerable borrowers, according to a Reuters review of such services and more than a dozen users.

Monday, 11 Jan 2021 07:42 AM MYT Google, which dominates India’s app market with over 98 per cent of smartphones using its Android platform, said its policies were 'continuously updated in response to new and emerging threats and bad actors'. — Reuters pic Subscribe to our Telegram channel for the latest updates on news you need to know. MUMBAI, Jan 11 — At least 10 Indian lending apps on Google’s Play Store, which have been downloaded millions of times, breached Google rules on loan repayment lengths aimed at protecting vulnerable borrowers, according to a Reuters review of such serv...