Google has removed over 100 personal loan apps from its Play Store in a move to protect the security of its users.
The company removed these apps after reviewing the products based on user inputs and alerts issued by government agencies
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“We have reviewed hundreds of personal loan apps in India, based on flags submitted by users and government agencies,” a report quoted Google vice-president for product, android security, and privacy, Suzanne Frey as saying
Frey said that the apps found violating user safety policies were immediately removed from the Play Store without further notice.
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Google will also continue to assist the law enforcement agencies in their investigation on the issue.
The Telangana police recently arrested 31 people in a multi-crore instant loan apps scam.
According to sources, shell companies operating these loan apps lent small amounts of money to users against steep interest rates and hassled borrowers who failed to repay the loans.
With Google formulating certain guidelines for use of Play Store, product makers will now have to provide proof of their licence to operate, evidence of following local laws and mention the rate of interest at which they are offering loans along with the minimum and maximum period of repayment.
Products offering loans for less than 60 days will also be barred from using the platform.
The company said that these measures are necessary to protect unsuspecting users from being tricked by fraudulent financial products and services.