Centre, states team up with RBI, Big Tech to fight Chinese lending apps

Regulated digital lenders support move; Google reviews "hundreds of personal loan apps", removes violators of its user safety policies from Play Store

Subrata PandaSanjay Kumar SinghAnup Roy Mumbai | New Delhi
loan apps

A user just needs to download any app floated by such fraudsters and apply for instant loans.

The Centre and State governments, Reserve Bank of India (RBI), Big-Techs and even regulated digital lenders, are moving together to tighten the noose around unscrupulous Chinese lending apps operating with near impunity in the country and wreaking havoc in the lives of borrowers. 
On Thursday, Google announced in a blog post that while working on complaints by users and government agencies, it reviewed “hundreds of personal loan apps in India”, and those that were found to violate its user safety policies “were immediately removed from the Store (Google Play Store).” 
“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," wrote Suzanne Frey, Vice Pr

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First Published: Jan 14 2021 | 7:01 PM IST

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