Loan has been approved

Congratulations – Your loan has been approved

How many times you have received this message even though you have not applied for a loan? And if you are an Indian then you can easily understand what I want to say.

In the current age and specifically after the lockdown, we all have become very much dependent on the internet and various mobile apps for our daily tasks. We might not have a single activity that we do not make without making use of the internet directly or indirectly. But in recent times, there have been many applications that can not be said as transparent or following legal procedures.

Google has taken some serious steps on such an application. Google checked hundreds of applications for violation of user safety policies.

“We have reviewed hundreds of personal loan apps in India, based on flags submitted by users and government agencies. The apps that were found to violate our user safety policies were immediately removed from the Store, and we have asked the developers of the remaining identified apps to demonstrate that they comply with applicable local laws and regulations,” Suzanne Frey, vice-president, Product, Android Security and Privacy, said in a blog post.

Google did not elaborate on the number of apps that had been taken down. Apps that fail to do so will be removed without further notice; and in addition, Google will continue to assist the law enforcement agencies in their investigation of this issue, was added in the blog post. It is mentioned about the importance of transparency of information around the features, fees, risks, and benefits of personal loans.

It is required to highlight here that the Indian systems, doesn’t matter in any field are not having much strong administration and transparency. The ease of access is also not seen often for the visitor or a common man.

About protecting user’s privacy, it is also added that:

In addition, we publish reports of alleged local law violations, including those submitted by government agencies in our Transparency Report

This point is very much important for all the applications which are making the financial operations. Unfortunately, there is a very common thing of violation of such policies and numerous fraud examples.

You can take a note that Abhishek Makwana – a writer of the most famous TV series named ‘Taarak Mehta ka Oolta Chashmah’ committed suicide last year and in that case, the origin is supposed to be a financial scam by a mobile application. The interest rates and rules are tough to believe in these applications. Also, they use forceful methods, abusive language and a threat to the users. There is a big need to take the Indian government some steps on this issue.

Google blog: https://india.googleblog.com/2021/01/protecting-against-harmful-financial.html
Images from: Getty, Alphabet inc.

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