Union minister Rajeev Chandrasekhar has stated that the government is keeping an eye on loan applications on Apple’s App Store and Google Play Store.
Union minister Rajeev Chandrasekhar
The Minister of State for Electronics and Information Technology (IT), Rajeev Chandrasekhar, said on Saturday that the government has issued an advisory to technology giants Apple and Google, urging them not to include unsafe applications. This comes in response to reports of apps provided by loan-giving apps causing trouble for their borrowers.
“Presently, a multitude of apps populate both the Google Play Store and Apple’s App Store, catering to the needs and preferences of Indian users We are monitoring a set of applications that are loan applications… We have issued advice to both Google and Apple that they should not include unsafe or illegal applications,” the minister told the news agency ANI.
The primary objective and vision of our government revolve around ensuring the internet remains a secure and reliable space for every individual in the digital realm. We are in the process of scheduling a meeting with the Reserve Bank of India (RBI) to discuss our strategies further. to ensure that white-listing is done, which means making a rule of only allowing legitimate applications. Permission has been granted for loan applications on these two stores,” he added.
In July this year, Apple, based in Cupertino, had stated that it had removed several loan-giving apps from its App Store in India after reports of harassing and threatening borrowers came to light.
Some reviewers claimed that such loan apps offer fast-track loans but impose heavy fees.
According to customers, loan providers often resort to blackmail tactics to scare borrowers into making payments.
A spokesperson from Google had earlier said that in the beginning of this year, the company had reviewed and taken necessary actions, including removing over 3,500 individual loan apps for violations of Play policies in 2022. This year, a new Google Play policy has prohibited access to photos and contacts on the phone for any financial products or services that provide loans or access to loans.
After the announcement of personal loan apps in 2022, Google made it mandatory for users to disclose all names of banks and non-banking financial institutions (NBFCs) prominently within the app descriptions.
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