Since January, Google has removed over 2,000 lending apps from the India Play Store

26 Aug 2022 , 08:32 AM

Between January and June, Google India banned up to 2,000 credit disbursement apps for breaking Play Store norms, Reserve Bank of India and law enforcement agency regulations regarding money lending, as well as user comments.

A tougher set of guidelines for listing loan offering apps on the Play Store is currently being implemented by the search engine giant. The modifications would make such programs much more subject to examination.

A new Play Store regulation that Google India implemented in May mandates that apps that offer loans of any kind publicly identify for users the bank that underwrites these loans, the user-specific interest rate being offered, and additional information

Despite the danger posed by loan apps, Google India decided against outright prohibiting the publication of such apps on the Play Store because the majority of users still find them to be useful.

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