Today, internet search engine Google removed some personal loan apps from its Play Store in order to protect its users. A huge majority of Indians download phone applications from its Play Store. Based on alert issued by government agencies and user inputs, it reviewed the products. In the same business, it has also issued notices to many others. The decision from Google comes after an Indian and a Chinese national were arrested from Thane under the Telangana police’s investigation into an instant loan apps scam. In the multi-crore scam, at least 31 people, including four Chinese nationals, have been arrested. The scam is feared to be run through shell companies that offers small sums against sheer interest rates and bothers borrowers who fail to repay.
In this context, to make use of the Play Store platform, Google has specified some necessities for loan apps. This consists of giving proof of licence to run, proof that local laws are being followed. Apart from this, revelation of rate of interest along with the minimum and maximum period of repayment is also required. According to the company, it will not permit any product that provides loan for less than 60 days.
Apart from this, it has urged the apps not to gather needless information from users and also to not use any information accumulated for unauthorised drives. Google has been receiving many complaints of such fraudulent apps for last many months. Through its various platforms, there has been many instances of misuse and fraud by innocent users.