scorecardresearchIllegal lending apps: Govt tells Google to ramp up its checks

Illegal lending apps: Govt tells Google to ramp up its checks

Updated: 20 Sep 2022, 11:36 AM IST
TL;DR.
Google has been summoned numerous times in the last few months by the central bank and the government and urged to introduce tougher checks and balances, sources added.
Google had revised its Play Store developer programme policy for financial services apps

Google had revised its Play Store developer programme policy for financial services apps

Google has been asked by the Union government and the Reserve Bank of India (RBI) to bring more stringent checks to help curb the use of illegal digital lending applications, according to sources, reported Reuters.

Even though Google doesn’t fall under the RBI ambit, the Big tech firm has been summoned several times in the last few months by the central bank and the government and urged to introduce tougher checks and balances, sources added.

‘Removed 2000 apps’

The regulators have already asked lenders to step up checks against illegal lending apps, which became popular during the COVID-19 pandemic. Google said that last year it had revised its Play Store developer programme policy for financial services apps, including requiring additional requirements for personal loan apps in India effective September 2021.

“We have removed over 2,000 personal loan apps targeting India from the Play Store,” a Google spokesperson said. “We will continue to engage with law enforcement agencies and industry bodies to help address this issue,” the spokesperson added.

First Published: 20 Sep 2022, 11:36 AM IST