Google drops personal loan apps from Store

Google India in a blog post on Thursday noted that it will remove any loan app on PlayStore that does not comply with local laws and regulations.

The move follows reports over many such applications, who are not authorised lenders, targeting vulnerable borrowers to offer loans at very high-interest rates and then using extreme measures for recovery of money.

“We have reviewed hundreds of personal loan apps in India, based on flags submitted by users and government agencies. The apps that were found to violate our user safety policies were immediately removed from the Store, and we have asked the developers of the remaining identified apps to demonstrate that they comply with applicable local laws and regulations,” Suzanne Frey, Vice-President, Product, Android Security and Privacy, said in a blog post.

“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,” she added. Google, said that it would continue to assist the law enforcement agencies in their investigation of this issue.

Ms. Frey pointed out that all developers in the Play Store agreed to the terms of the Google Play Developer Distribution Agreement, which stipulated that apps must adhere to applicable rules and laws, including generally accepted practices and guidelines.