New Delhi: Google India in a blog post on Thursday stated that it has removed a number of loan apps from its Play Store that does not comply with local laws and regulations and other safety policies. The move from Google comes after reports suggested that at least 10 Indian lending apps that have been downloaded millions of times on Google’s Play Store breached Google rules on loan repayment lengths or tenures.Also Read - Project 'Jedi Blue': Google, Meta CEOs Face Lawsuit For Collusion to Dominate Ad Market. Details Here

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“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,” Suzanne Frey, Vice President, Product, Android Security and Privacy, Google India wrote in the blog post. Also Read - Apple Beats Microsoft To Become First Company With $3 Trillion M-Cap

She also wrote that apps that fail to do so will be removed without further notice and Google continue to assist the law enforcement agencies in their investigation of this issue.

These apps removed from Play Store

1) 10MinuteLoan

2) Ex-Money

3) Extra Mudra

4) StuCred

Another app called StuCred was allowed back on Google Play store on January 7 after it removed the offer of a 30-day loan.

The move also came from Google a day after a Chinese national and an Indian were arrested from Thane as part of the Telangana police’s probe into an instant loan apps scam. At least 31 people, including four Chinese nationals, have been arrested in the multi-crore scam suspected to be operated through shell companies that lend small sums against steep interest rates and harass borrowers who fail to repay.

Google has also the loan offering apps not to collect unnecessary information form users and also to not use any information collected for unauthorised purposes.

Why you should be careful of these apps offering loan apps?

Recently, the Reserve Bank of India has advised all to be careful of unauthorised digital lending platforms and mobile apps.

1) These loan apps demand excessive rates of interest and additional hidden charges from borrowers.

2) These apps adopt unacceptable and high-handed recovery methods.

3) They misuse of agreement to access data on the mobile phones of the borrowers.

4) They offer false claims to attract borrowers with promise of loans in a quick and hassle-free manner.

5) These frauds may claim lives of borrowers. Five suicides within a week were reported in Telangana allegedly linked to harassment by app-based illegal loan sharks.