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Illegal Lending Apps: In order to get rid of the illegal digital lending app of the common people, the central government has asked Google to make a provision for strict checking. The government has asked Google to crack down on such illegal apps to prevent them from operating in India. Even though Google does not come under the purview of the Reserve Bank of India (RBI), but in the last few months, the RBI and the Government of India have called Google several times in meetings urging them to make strict provisions. So that such apps can be stopped from operating.
Such illegal digital lending apps became quite popular during the pandemic. From the government to the RBI has asked to investigate against illegal lending apps. These illegal digital lending apps provide loans to people at high interest rates. And from harassing those who do not repay the loan on time, they threaten and recover from them by adopting illegal route.
Google revised the Play Store Developer Program policy for financial services apps last year. It was made mandatory to provide additional information for personal loan apps in India with effect from September 2021. Google has removed more than 2,000 personal loan apps related to India from its Play Store.
RBI wants all the lending apps on the App Store to be recognized by regulated agencies. Google has also been asked to take steps to prevent the proliferation of such apps through other distribution channels such as websites and other means of download.
Earlier, Finance Minister Nirmala Sitharaman held a big meeting regarding loan apps being run illegally. In the meeting, the Finance Minister discussed the use of these illegal apps to provide loans to the economically weaker and low-income people at high interest rates, processing hidden charges, offering loans and micro credits at hidden charges, blackmailing, recovery practices involving criminal intimidation. But concerns were expressed. In the meeting, the legal, technical aspects related to these loan AIIMS were discussed and many important decisions were taken. In which RBI was asked to prepare a whitelist of legally recognized apps. RBI will monitor such rental accounts which can be used for money laundering.
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