Some apps used to distribute money among people indiscriminately, Google Play Store changed the policy and removed it, users will be benefited

New Delhi. ‘Without any formality, without any document, get a loan of five lakhs on just one click.’ Ads of many loan apps making such promises are widely seen on social media and while playing online games. But the apps enter your phone by luring you a loan at low interest and then by taking important details from you, they breach the security of the phone and then start blackmailing you. These apps make users’ data vulnerable and

Google has decided to ban such apps which make fake claims of offering financial services and products. The company has implemented a new policy for this. The company said, “This policy will be applicable to those apps which give loans directly or claim to connect with third party lenders.”

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What types of apps have Google put restrictions on?
Google has categorized different types of apps and has restricted the apps according to the category. According to the new policy, apps providing binary options have been restricted. Along with this, cryptocurrency mining apps have also been banned. At the same time, the permission to access the phone’s storage access, gallery access, contact access, location access, phone number and media video has been restricted for personal loan apps.

Google has told the apps offering personal loans that they will give their complete declaration and will also have to provide necessary documents to support their declaration. The company will also have to give a declaration that it has a license from RBI for giving personal loans and a copy of the license will have to be submitted for review. Google’s policy reads, “If you do not offer loans directly and act as a platform for lending banks and NBFCs, then you will have to write it clearly in your declaration.”

Google removed 3500 apps in 2022
In 2022, Google had removed 3500 such apps from the Google Play Store which were cheating in the name of giving loans. Google had informed that these apps had cheated about 16 thousand 350 crores. Along with this, Google had removed many such apps from the store which were not following the rules. Loan giving apps used to claim to give loans to the users at low interest, promoting the apps with the help of thug advertisements. After users downloaded the app, in the name of formalities or uploading photos, the apps used to take access to gallery, contacts and location. After this, by misusing the pictures of the phone, these apps used to blackmail the users and extort money from them. In the last few years, many cases of such fraud have come to the fore.

To avoid this type of fraud, it is necessary that in case of need of loan, users should apply for the loan by going to the bank of their trust. RBI governs these banks and banks charge interest on loans as per RBI rules.

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Tags: Bank Loan, loans, loan moratorium