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Fake loan apps will be curbed, NBFC documents will have to be shown on Google Play Store

loan apps
Written by bobby
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Fake loan apps will be curbed, and NBFC documents will have to be shown on Google Play Store: Google has taken a big step to curb fake loan and credit apps. Keeping in mind the safety of users, Google has made a new policy for these apps. The company has made it clear that now all loan apps will have to show the link of the partner bank and NBFC (Non-Banking Finance Company) associated with their platform to register on the Play Store. If loan app developers do not do so their apps will be removed from the Google Play Store. The company believes that by changing the policy, the banking details of the users will be completely secure and they will be saved from online fraud.

Loan App will be removed if the rule is not followed

According to the ET report, Google said that if the makers of the loan mobile app do not follow the guidelines, then their app will be removed from the Google Play Store. Let us tell you that after several cases of fraud being done through fake loan apps came to light, the company had a meeting with RBI and IT Ministry for this.

The link will appear on the webpage of the app

According to the report, when users go to the loan app to take a loan, they will get a link on the webpage. From here users will get information about partner banks and NBFCs that have partnered with the loan app.

A new ecosystem will be ready

The government of India is making strenuous efforts to stop fake loan apps. Work is also underway on an ecosystem that will tell about the fake loan app available on the Google Play Store. Apart from this, the government will work closely with Google in the future to deal with fake apps.

Google removes more than 2000 fraud loan apps

The company had removed more than 2000 fake loan apps from the Google Play Store before the guidelines were issued regarding the loan app. The company said that these mobile apps ranged from giving wrong information to wrongly presenting important information in offline-online mode. Along with this, the apps had also violated many of Google’s rules, due to which the apps were removed from the platform.

About the author

bobby

Hi, I am Bobby. Blogger India. I love writing, and reading articles. Blogging is my passion. I have started my blogging career in 2016.