In India, Google removes 3500 loan apps for misleading users and breaking Play Store rules.
According to the Play Protect report, Google took action against more than 3,500 loan apps in India in 2022 for breaking the rules of the Play Store.
Ankush Pandey
INTRO
- Google revised its guidelines for financial services apps—including personal loan providers—in India in 2021.
- Google has increased the restrictions for app developers who serve as middlemen between banks and non-banking financial organizations (NBFCs) and offer personal loans.
- To make sure that every app in the Play Store complies with its guidelines, Google updates its policies and reviews procedures on a regular basis.
There are too many apps on the Google Play Store that say they will give loans, but not all of them are real. In addition, users may encounter difficulties if they use these apps without first verifying their information. According to the Play Protect report, Google will take action against over 3,500 loan apps in India in 2022 for breaking the rules of the Play Store in order to prevent users from falling for such apps. This indicates that these applications have been removed from Google's app store.
In 2021, Google refreshed its arrangements for monetary administration applications in India, including those offering individual advances. September 2021 marked the effective date of this policy. Developers of apps were required to provide a copy of their license and confirm that they were authorized by the Reserve Bank of India to offer personal loans. On the off chance that they were not authorized, they needed to affirm that they just gave a stage to authorized moneylenders to offer credits. The developers also had to make sure that the registered business name they provided in their declaration was the same as the name of their developer account.
In 2022, Google added more necessities for application designers, offering individual advances as facilitators for non-banking monetary organizations (NBFCs) and banks. In the app's description, these developers were required to provide a live link to the websites of their partner NBFCs and banks, where they were listed as official agents. The Personal Loan Application Declaration included this.
Google has taken action against apps that claim to provide or facilitate personal loans by gaining access to user contacts or photos, not only in India but also globally. In this way, the applications can't get to delicate information, for example, photographs and contacts.
In order to guarantee that all apps in the Play Store adhere to its guidelines, Google regularly updates its policies and review procedures. This is done to keep customers' trust and users safe.
If they are not legitimate or if they use predatory lending methods, apps that claim to lend money can be dangerous. Before using the lending app, it is important to thoroughly research it to avoid these dangers. Before signing anything, read the terms and conditions carefully, check the app's registration with relevant regulatory bodies, and look for user reviews. Before taking out a loan through an app, it might also be a good idea to speak with a trusted professional or financial advisor.
Google is developing policies for advertising
Google announced that it will handle advertising in a more privacy-friendly way as of 2023. A certain percentage of Android devices will get access to the initial beta version of Google's Android privacy sandbox. Google states that "with the beta, users and developers will be able to examine and evaluate these creative ideas in the real world. We will continue collaborating with publishers, developers, regulators, and others. Google's privacy sandbox seeks to create tools that protect consumers' online privacy while assisting companies and developers in creating digital projects.
