For good reason, Loan giving applications are often seen as suspicious in Pakistan and other nations. As a result, it is not surprising that Google has just blocked over 2000 loan applications from the Indian Play Store.
MoneyControl, an Indian business news source, published the story. According to the publisher, these applications have been prohibited for breaking Google’s Play Store regulations.
Saikat Mitra, Google’s Asia Pacific head of trust and safety, stated:
Many loan applications have been withdrawn from the Play Store. I’d guess approximately half of them were violating Google’s rules.
Earlier this year, Google requested that owners of digital lending apps get approval from the Reserve Bank of India.
They were also required to provide documentation that they were simply assisting clients in obtaining loans rather than directly giving loans.
According to the business journal, there have been cases in the past when individuals were granted high-interest loans and ended up committing suicide owing to the stress of debt instalments. Borrowers were previously harassed using digital apps, according to the investigation.
These companies have diverse ties to China, and they were also examined by the Serious Fraud Unit and RAW.
Nirmala Sitharaman, India’s External Affairs Minister, told the Rajya Sabha earlier this month that the government is taking action against questionable loan applications, particularly those originating outside of India.
She also said that the Bharatiya Janata Party (BJP) would take action against loan app facilitators.
Read Also: Fraudulent loan app operating in Pakistan.
As previously said, India is not the only nation where such applications are popular. Similar applications have been banned or withdrawn in Pakistan in connection with relevant instances.
Many of these applications were developed outside of Pakistan and were not registered with the Pakistan Securities and Exchange Commission (SECP).
