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Google pulls 5 unauthorised lending apps from Play Store: Report

Google has removed five digital lending apps from its Android Play Store, the Times of India reported. The five apps include OkCash, Go Cash, Flip Cash, ECash and SnapIt Loan, all of whom offer short-term digital loans at high interest rates. But since these are unregulated entities, they were in violation of Google's policies, the report said. Recently, several complaints emerged on social media websites stating that executives, purportedly employed by these apps, were harassing borrowers through various means with regards to their loan repayment. In one case, a borrower from Tamil Nadu who complained about the harassment they faced committed suicide, the report says. In June 2020, the Reserve Bank of India issued guidelines to banks and non-bank lenders providing digital loans stating that since some lenders either provide credit "directly through their own digital platforms or through a digital lending platform under an outsourcing arrangement," there were issues of transparency. Therefore, it directed all banks and non-banks to disclose their name to the borrower upfront and in loan sanction letters, list all digital lending partners on their website and adhere to the RBI's fair Practices Code guidelines in letter and spirit. "It has further been observed that the lending platforms tend to portray themselves as lenders without disclosing the name of the bank/ NBFC at the backend, as a consequence of which, customers are not able to access grievance redressal avenues available under the regulatory framework. Of late, there are several complaints against the lending platforms which primarily…

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