Google reviews personal loan apps after RBI forms panel

A day after the Reserve Bank of India set up a working group to study digital lending platforms that operate through online or mobile applications, Google today said that it, too, has been reviewing Indian mobile applications listed on Google Play offering personal loans.

"Personal loan apps have received attention recently, and we wanted to clarify the action we have taken on these apps on Google Play.

We have reviewed hundreds of personal loan apps in India, based on flags submitted by users and government agencies," the technology giant said in an update on its blog.

The blog, titled 'Protecting against harmful financial services products' was posted today by Suzanne Frey, the vice-president of product, Android security and privacy at Google. Google said that the applications that were found to be violating its user safety policies were immediately removed from the ' Store'.

It added that it has asked the developers of the remaining identified applications to demonstrate that they comply with applicable local laws and regulations, failing which these will be removed without further notice. "In addition, we will continue to assist the law enforcement agencies in their investigation of this issue," Google said, adding that its policies are designed to provide a safe and secure experience across Google's products and that it is always working to enhance user safety. All developers in the Play Store agree to the terms of the 'Google Play Developer Distribution Agreement', which stipulates that adherence to applicable rules and laws.