Telangana: Google has started to scrutinise money-lending apps that do not comply with the nation’s banking regulations. It has taken down 30 loan apps in January from its Android Play Store following directions from the Reserve Bank of India (RBI). Google began monitoring a superfluity of finance lending applications hosted on the search giant’s platform.
In this regard, mental torment from lending apps towards borrowers urging to repay the loan unethically increased in Telangana. Subsequent, several suicide cases were reported too.
Upon receiving a complaint appealed by Telangana police, Google deleted as many as 290 loan shark apps from play store that are posing threat to many innocent borrowers.
Fintech apps such as Cashguru, 10MinuteLoan, Rupeeclick, Finance Buddha among others have also been removed lately.
These illegal apps, hosted on US-based Amazon Cloud and China based Ali cloud are linked with Chinese companies and are functioning under certain non banking firms in India, DGP M Mahender reddy notified the high court.
The bench of Chief Justice Hima Kohli and Justice B Vijaysen reddy began reviewing the PIL (Public interest litigation) filed by Kalyan Dileep Sunkara sought to know from the DGP the action taken against the key accused in the scam and those who favoured them from India by by July 15.