DIGITAL LENDING, BEWARE FAKE LOAN APPS- GOOGLE STEPS IN TO SAFEGUARD INDIAN USERS’ FINANCIAL INTERESTS, BANS MANY ILLEGAL PERSONAL LOAN APPS
Here is the latest original press note from GOOGLE that guides suitably॰
| Protecting against harmful financial services products– Google
January 14, 2021 |
| Providing a safe and secure experience across Google’s products is our top priority. Our global product policies are designed and implemented with this goal in mind, and we’re always working to improve our practices to enhance user safety.
Personal loan apps have received attention recently, and we wanted to clarify the action we have taken on these apps on Google Play. We have reviewed hundreds of personal loan apps in India, based on flags submitted by users and government agencies. The apps that were found to violate our user safety policies were immediately removed from the Store, and we have asked the developers of the remaining identified apps to demonstrate that they comply with applicable local laws and regulations. Apps that fail to do so will be removed without further notice. In addition, we will continue to assist the law enforcement agencies in their investigation of this issue. Protecting users from deceptive financial products and services All developers in the Play Store agree to the terms of the Google Play Developer Distribution Agreement, which stipulates that apps must adhere to applicable rules and laws, including generally accepted practices and guidelines. In addition, the Google Play Developer Policy requires financial services apps that offer personal loans to disclose key information such as the minimum and maximum periods of repayment, the maximum Annual Percentage Rate, and a representative example of the total loan cost. To help further ensure that users are making sound choices, we only allow personal loan apps with full repayment required in greater than or equal to 60 days from the date the loan is issued. We believe transparency of information around the features, fees, risks, and benefits of personal loans will help people make informed decisions about their financial needs, thereby reducing the risk of being exposed to deceptive financial products and services. In addition, we publish reports of alleged local law violations, including those submitted by government agencies in our Transparency Report. Protecting user privacy To protect user privacy, developers must only request permissions that are necessary to implement current features or services. They should not use permissions that give access to user or device data for undisclosed, unimplemented, or disallowed features or purposes. Developers must also only use data for purposes that the user has consented to, and if they later want to use the data for other purposes, they must obtain user permission for the additional uses. Google Play users expect a safe, secure and seamless experience, and developers come to Play for powerful tools and services that help them build and grow their businesses. Our policies help us deliver on these expectations, and we continue to work hard to ensure Google Play is a platform that supports the entire ecosystem. Posted by Suzanne Frey, Vice President, Product, Android Security and Privacy
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Indian perspective borrowers are requested to refer RBI guidelines for safety sake and dont get trapped by these fake lending Apps promoters-theglobaltalk.com
3 comments
Very good initiative to safeguard prospective borrowers.
RBI has also constituted an expert group to examine all aspects of online lending process by regulated and unregulated entities.
Based on the recommendations of expert group RBI is likely to circulate guidelines for online lending process.
With implementation of online lending borrowers would be benefitted a lot as subjectivity in decision making would be reduced and transparency in assessment would be enhanced.
Thanks so much,Sir for supplementing the precautuonary measures. Certainly we should follow RBI guidelines and must check antecedents of fraudulent lenders who trap the gulliable persons in need of personal funds.Indian Nationalised Banking System and Private Banks only should be preferred besides other sound NBFCs for loans.
The issue of fake loans and which are at high interest rates and which exploit the people is a matter of great concern. Some people have been reported to have committed suicide