Google has started to remove those personal loan applications which do not comply with the Reserve Bank of India’s (RBI’s) guidelines. It has clarified that it has removed those personal loan applications from its Play Store that have been found in violation of its safety policies.
The step has been taken in consideration with the orders from the banking regulator to keep a watch on the excess of fintech applications hosted on the search giant’s platform.
As recently, Reserve Bank of India (RBI) has announced constitution of a Working Group to suggest regulatory measures to promote orderly growth of digital lending due to rising incidents of harassments relating to online lending.
“Providing a safe and secure experience across Google’s products is our top priority. Our global product policies are designed and implemented with this goal in mind, and we’re always working to improve our practices to enhance user safety,” Google said in a blogpost that has been posted by Suzanne Frey, Vice President, Product, Android Security and Privacy.
Source: – Google removes 30 personal loan apps from its Play Store after RBI raises red flags
Working Group on Digital Lending by RBI