Thread by @BiIndia

#Google says it has removed several loan apps in India after #RBI takes steps to curb fraud in digital lending

businessinsider.in/tech/news/goog…

By @SanchDash

@SanchDash #Google has reviewed hundreds of loan apps in India and has also removed many of them, which have violated user safety guidelines.

#RBI

@SanchDash #Google’s crackdown on lending apps in India comes after the Reserve Bank of India announced that it was forming a working group to regulate digital lending.

#RBI

@SanchDash Among many other regulatory steps, the group will also set up a Fair Practices Code and “recommend measures for robust data governance, data privacy and data security standards” in the digital lending sector.

#Google #RBI

@SanchDash The tech company also said that it only allows “personal loan apps with full repayment required in greater than or equal to 60 days from the date the loan is issued.”

#Google #RBI

@SanchDash In #Telangana, 11 people have been arrested so far in connection to such dubious loan companies. The Cyberabad police has also reportedly written to Google Play Store regarding 259 such micro loan apps.

#Google #RBI