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ALPHABET INC.

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Alphabet : Google removes some lending apps in India to protect consumers

01/14/2021 | 06:50am EDT
FILE PHOTO: A man walks past the sign of

MUMBAI (Reuters) - Alphabet Inc's Google has removed some lending apps aimed at consumers in India from Play Store in an attempt to safeguard users, it said in a blog post on Thursday.

"We have reviewed hundreds of personal loan apps in India, based on flags submitted by users and government agencies," Suzanne Frey, Vice President, Product, Android Security and Privacy said in the post.

A recent investigation by Reuters found at least 10 lending apps on Play Store breached Google's rules on loan repayment lengths aimed at protecting vulnerable borrowers. It also found that a number of the lending apps also flouted central bank regulations designed to protect borrowers..

Google did not elaborate on the number of apps that had been taken down.

Google has contacted companies and asked them to clarify if they are compliant with the rules and regulations, failing which an app could be removed from the Play Store.

"We ask you to confirm within five days of this mail whether you hold valid existing approvals or licences from the Reserve Bank of India to act as a NBFC (Non-Banking Financial Company) or are registered under any applicable state legislation to offer such services or are offering services on your app as a designated agent of a registered NBFC/Bank," said the email, a copy of which has been seen by Reuters.

"If we do no receive this confirmation from you within 5 days of this mail, your app may be removed from Google Play."

The online lending industry has come to the attention of the authorities after at least two suicides in the past month linked to alleged harassment by recovery agents of such apps.

The Reuters review of 50 popular lending apps available also found nearly all required borrowers to give them permission to access their phone contacts which users allege are used by recovery agents in the case of defaults or late payments.

Google said developers must only access permissions that are necessary to implement current features and services.

"They should not use permissions that give access to user or device data for undisclosed, unimplemented, or disallowed features or purposes," Google said in its post.

It said it would ensure apps complied with local laws and regulations. "Apps that fail to do so will be removed without further notice," it said.

On Wednesday, the central bank formed a working group to look into digital lending practices. The panel has been tasked with identifying risks posed by unregulated digital lending to financial stability, regulated entities and consumers and is expected to submit the report within three months..

(Reporting by Nupur Anand; Editing by David Goodman and David Evans)

By Nupur Anand


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ALPHABET INC. 0.01% 2254.34 Delayed Quote.28.63%
BANK OF INDIA LIMITED 7.27% 71.55 End-of-day quote.47.07%
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Financials (USD)
Sales 2021 225 B - -
Net income 2021 46 724 M - -
Net cash 2021 136 B - -
P/E ratio 2021 32,9x
Yield 2021 -
Capitalization 1 524 B 1 524 B -
EV / Sales 2021 6,16x
EV / Sales 2022 5,12x
Nbr of Employees 135 301
Free-Float 90,2%
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Mean consensus BUY
Number of Analysts 47
Average target price 2 394,10 $
Last Close Price 2 254,43 $
Spread / Highest target 33,1%
Spread / Average Target 6,20%
Spread / Lowest Target -34,5%
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Managers and Directors
NameTitle
Sundar Pichai Chief Executive Officer & Director
Ruth M. Porat Chief Financial Officer & Senior Vice President
John LeRoy Hennessy Chairman
Louis John Doerr Independent Director
Ann Mather Independent Director
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