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Thursday, February 4, 2021

Google bans 100 lending apps, accuses apps of charging high interest and misusing data

 Google bans 100 lending apps, accuses apps of charging high interest and misusing data

Google has banned about 100 personal loan related apps on the Google Play Store. Parliament was told on Wednesday that the app was not complying with the rules. Users and government agencies have expressed concern about these apps. The Ministry of Electronics and Information Technology received several complaints of fraud in the name of instant loans.



Heaps of complaints on apps

Minister of State for Electronics and IT Sanjay Dhotre replied in writing, "We have received complaints of high interest charges against these apps." Apart from this, there were constant complaints of misuse of personal data.


Google started removing these apps

Google said it had removed some money-lending apps. This app was not complying with the rules and was violating security policies. However, Google has not disclosed the number and name of the app.


User permission must be obtained before taking data

A few days ago Google said that developers will have to use the data for the same work for which the user gives permission. If they want to use this data elsewhere, they have to ask permission from the user.


Many personal loan apps on the Play Store

Personal loan apps are still active on Google. A long list of such apps can be seen by searching for LOAN on the Play Store. It also includes apps from many private banks and firms along with government apps.

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Check the RBI certificate for apps on the Play Store

The RBI says that if you go to any of the listed websites or apps that provide loans, you need to see if they are registered with the RBI. Or whether it is working with a bank or NBFC registered with RBI. All lending companies are required to clearly indicate their CIN (Corporate Identity Number) and COR (Certificate of Registration).

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