Instant Loan App: Google deleted 3500 apps that give loans in a pinch, what is the new regulation? – Marathi News | Instant Loan App Google deleted 3500 apps that give loans in quick

Mumbai : There are many instant loan apps in India. While these people’s apps are very useful in times of trouble, they are a headache later on. Because of instant loan apps (Instant Loan App) Many people have also committed suicide in India. Some loan apps were also banned by the Indian government. Now Google has said that it took action on 3,500 loan apps last year.

Action was taken in this way

In 2022, Google took action on over 3500 loan apps in India. According to the company, they reviewed and found that these apps do not meet the requirements of the Google Play Store policy. Many apps were also removed from this operation. According to Google, they are constantly working on their policy in this regard so that they can improve the user experience.

In 2021, Google made changes to the Play Store Developer Program policy to address the needs of financial services apps and personal loan apps in India. This policy came into effect from September 2021. As per the policy, such apps will either have to confirm that they have a license from the RBI to grant personal loans by filling out a declaration form and submit a copy of the licence, or confirm that they have a license to grant loans from a licensed bank. App developers should also note that the account name matches the registered business name of the account provided at the time of declaration.

Such is the new regulation

In 2022, Google introduced additional terms for those offering personal loans. Under this, they have to write the names of their partner NBFCs and banks in the app description in the app details. Along with this, as part of the personal loan app declaration, they also have to provide the website URLs of partner NBFCs and banks where they are listed as agents.

Globally, the company recently updated its personal lending policy to state that personal lending apps should not have access to users’ contacts or photos. As part of this update, personal lending apps will no longer have access to sensitive data such as photos and contacts.

Violation of policy

Google has said that these loan apps violate Play Store policy. According to Google, 1.43 million apps have violated the policy. 1,73,000 accounts publishing these apps have also been banned. Therefore fraud of around 16,350 crores has been stopped.

Further action will be taken against such loan apps, Google said. Google will soon release the first beta version for Privacy Sandbox. After this update, users and developers will be able to experience any app before the file is released.