The recent past has shown that it’s not easy for tech firms to operate smoothly in a country like India. Many companies are forced to change policies or make amendments that better suit the government’s fluctuating rules and regulations.
This next example of Google puts things into better perspective. Recently, the search engine giant was left with no choice but to eliminate around 2,000 different apps for persona loans. And that’s only because they failed to comply with laws set out by the country’s current government.
Google says that the apps were accused of violating lending regulations that the country’s Central Bank has outlined. The decision was recently announced by Google’s Director for the Asia Pacific region while giving a speech at a conference in New Delhi.
Google adds that the decision was only made after it held talks with several different law enforcement agencies in the country relating to the matter.
In the next few weeks, Google hopes to include some more rules so that in the future, more loan apps coming forward would need to abide by stringent policies seen on the Play Store soon.
The tech firm agreed that there were just too many apps coming forward and offering loans and a lot of them did have some shady ways of functioning. Hence, to help better keep them in check, this seems to be the right way to move forward.
Also, Google added that a lot of the apps were forcing users to pay very high fees and there were complaints of lenders finding it hard to get their money back. Hence, this recent update of Google is clear proof that they’re taking it very seriously.
In May of this year, we saw the firm announce that users would need to provide more proof of their eligibility on the Play Store. This would entail a further copy of a license from the country’s Reserve Bank.
Read next: These Are the Top Google Search Trends for 2022
This next example of Google puts things into better perspective. Recently, the search engine giant was left with no choice but to eliminate around 2,000 different apps for persona loans. And that’s only because they failed to comply with laws set out by the country’s current government.
Google says that the apps were accused of violating lending regulations that the country’s Central Bank has outlined. The decision was recently announced by Google’s Director for the Asia Pacific region while giving a speech at a conference in New Delhi.
Google adds that the decision was only made after it held talks with several different law enforcement agencies in the country relating to the matter.
In the next few weeks, Google hopes to include some more rules so that in the future, more loan apps coming forward would need to abide by stringent policies seen on the Play Store soon.
The tech firm agreed that there were just too many apps coming forward and offering loans and a lot of them did have some shady ways of functioning. Hence, to help better keep them in check, this seems to be the right way to move forward.
Also, Google added that a lot of the apps were forcing users to pay very high fees and there were complaints of lenders finding it hard to get their money back. Hence, this recent update of Google is clear proof that they’re taking it very seriously.
In May of this year, we saw the firm announce that users would need to provide more proof of their eligibility on the Play Store. This would entail a further copy of a license from the country’s Reserve Bank.
Read next: These Are the Top Google Search Trends for 2022
