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Google removes 3500 loan apps in India for misleading users, violating Play Store guidelines

Google removes 3500 loan apps in India for misleading users, violating Play Store guidelines

There are too many apps on Google Play Store that promise to lend loans however now no longer they all are valid. And sometimes, the use of those apps with out right understanding and verification can land customers in trouble. In order to protect customers from falling for such apps, Google has taken movement towards greater than 3,500 mortgage apps in India in the course of 2022 for breaking the policies of the Play Store, as according to Play shield report.This manner that Google has eliminated those apps from its app store.

In 2021, Google up to date its coverage for monetary offerings apps in India, which include the ones supplying non-public loans. This coverage got here into impact in September 2021. App builders needed to verify that they have been certified with the aid of using the Reserve Bank of India to offer non-public loans and put up a duplicate of the license. If they have been now no longer certified, they needed to verify that they simplest supplied a platform for certified creditors to provide loans. The builders additionally needed to make sure that their developer account call matched the registered commercial enterprise call supplied with the aid of using their declaration.

In 2022, Google brought greater necessities for app builders supplying non-public loans as facilitators for non-banking monetary companies (NBFCs) and banks. These builders had to reveal the names in their companion NBFCs and banks withinside the app`s description and offer a stay hyperlink to their respective web sites in which they have been indexed as legit agents. This changed into a part of the Personal Loan App Declaration.

Not simply in India, however globally too, Google has taken movement towards the apps that promise to offer or facilitate non-public loans with the aid of using getting access to consumer contacts or pictures. So, the apps can't get admission to touchy data, along with pictures and contacts now.

Google is frequently updating its regulations and assessment procedures to make sure that every one apps withinside the Play Store observe its policies. This is to shield customers and keep the consider of its customers.

Apps that declare to lend loans may be risky if they're now no longer valid or in the event that they interact in predatory lending practices.To keep away from those dangers, it's far essential to investigate the lending app very well earlier than the use of it. Look for critiques from different customers, test if the app is registered with applicable regulatory bodies, and thoroughly examine the phrases and situations earlier than agreeing to anything. It can also be a terrific concept to visit a monetary consultant or different relied on expert earlier than casting off a mortgage via an app.

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