Google asks RBI, MeitY to check illegal lending apps in India: Report

Tata Group in talks with Wistron to manufacture iPhone in India: Report

According to a report, Google has been directed by the Ministry of Electronics and Information Technology (MeitY) and RBI to introduce stricter norms to curb the use of illegal digital lending applications in the country. The central bank recently asked lenders to bring in stringent norms for digital lending services, with an aim to protect borrowers from rising malpractices in the digital lending space. Google reportedly revised its Play Store Developer Program policy for financial services apps last year, including mandating additional requirements for personal loan apps in India.

according to a report good In an crackdown on illegal digital lending platforms, by Reuters, the government and central bank have asked Google to conduct a stringent investigation to ensure that only regulatory-approved loan apps are available for download on the Google Play Store. The search giant has reportedly been asked to limit the emergence of such apps through other distribution channels including websites and other means of download.

Google reportedly said that it revised its Play Store Developer Program policy for financial services apps and mandated additional requirements for personal loan apps in India effective September last year. A Google spokesperson told Reuters that the company removed more than 2,000 personal loan apps from the Play Store in India for violating its user protection policies.

“We will continue to engage with law enforcement agencies and industry bodies to help resolve this issue,” the spokesperson said.

The development comes weeks after the RBI issued detailed guidelines for digital lending in the country. The government and RBI are currently preparing a white list of approved loan applications. The central bank has also mandated that digital loans should be deposited directly into the bank accounts of borrowers and not through any third party.


Buying an affordable 5G smartphone today usually means you have to pay “5G tax”. What does this mean for those looking to get access to 5G networks as soon as they launch? Find out in this week’s episode. orbital is available Spotify, Song, jiosawani, google podcasts, Apple Podcasts, amazon music And wherever you get your podcasts.

For the latest tech news and reviews, follow Gadgets 360 Twitter, FacebookAnd Google News, For the latest videos on gadgets and technology, subscribe to us Youtube channel,

Amazon Great Indian Festival 2022 Sale Discounted iPhone 12 Price Revealed: All Details


LEAVE A REPLY

Please enter your comment!
Please enter your name here