Google removed a number of personal loan apps in India from its Play Store, a move designed to protect users from using deceptive financial products and services.
In a blog, Suzanne Frey, Google VP product, Android security and privacy, said the company had reviewed “hundreds” of personal loan apps in India, based on concerns raised by users and government agencies, and removed those which violated user safety policies.
“We have asked the developers of the remaining identified apps to demonstrate that they comply with applicable local laws and regulations,” said Frey. “Apps that fail to do so will be removed without further notice.”
Google added it would continue to assist investigations by law enforcement agencies.
Its move comes after the country’s central bank established a task force to look into digital lending practices, with the aim of identifying risks posed by unregulated services and products.
Transparency
Frey explained the Google Play developer policy requires financial services apps which offer personal loans to disclose key information including repayment periods, maximum annual percentage rate and a representative example of the total loan cost.
“We believe transparency of information around the features, fees, risks, and benefits of personal will help people make informed decisions about their financial needs, thereby reducing the risk of being exposed to deceptive financial products and services,” added Frey.
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