<p>For the past few years, the central government and Reserve Bank of India (RBI) have been reeling with complaints from citizens over the predatory practices of loan app companies.</p>.<p>There were lots of reports of companies using anti-social elements to physically harm those borrowers, who failed to pay the timely interest. </p>.<p>Also, loan apps used to take permission of accessing photo albums and contacts lists on the users' smartphones, and when he/she failed to pay back on time, they used to contact relatives and friends with threats and humiliate the borrowers. Several people took extreme steps of suicide.</p>.<p>Taking cognizance of the severity of the issue, government and banking agencies asked platform owners such as Apple and Google to ban a <a href="https://www.deccanherald.com/business/business-news/rbi-listed-apps-with-ties-to-nbfc-entities-for-govt-before-bans-1189211.html" target="_blank">few guilty loan apps</a>, which also charged high-interest rates on naive borrowers.</p>.<p><strong>Read more | </strong><a href="https://www.deccanherald.com/city/bengaluru-crime/bengaluru-banker-kills-himself-over-torture-after-borrowing-rs-37000-from-loan-apps-1130773.html" target="_blank">Bengaluru banker kills himself over 'torture' after borrowing Rs 37,000 from loan apps</a></p>.<p>Now, Google has revised the Play policies, and now loan apps are barred from accessing phone storage, photos, videos, and contact list with phone numbers, and locations.</p>.<p>Also, loan apps should have the necessary approvals from RBI and have to submit them to Google Play for review. </p>.<p><strong>Read more | </strong><a href="https://www.deccanherald.com/national/ed-conducts-fresh-raids-in-chinese-loan-money-laundering-case-1145003.html" target="_blank">ED conducts fresh raids in Chinese loan money laundering case</a></p>.<p>And, if the app is not directly engaged in money lending activities and is only providing a platform to facilitate money lending by registered Non-Banking Financial Companies (NBFCs) or banks to users, you will need to accurately reflect this in the declaration.</p>.<p><strong>Also read |</strong> <a href="https://www.deccanherald.com/national/humiliated-by-money-lending-apps-representatives-three-end-lives-in-telangana-929997.html" target="_blank">Humiliated by money lending apps' representatives, three end lives in Telangana</a></p>.<p>The new changes have to be complied by the loan apps and others with related services by May 31, 2023.</p>.<p><em>Get the latest news on new launches, gadget reviews, apps, cybersecurity, and more on personal technology only on <a href="https://www.deccanherald.com/tag/dh-tech?_ga=2.210580691.73733284.1595225125-1706599323.1592232366" target="_blank">DH Tech</a>.</em> </p>
<p>For the past few years, the central government and Reserve Bank of India (RBI) have been reeling with complaints from citizens over the predatory practices of loan app companies.</p>.<p>There were lots of reports of companies using anti-social elements to physically harm those borrowers, who failed to pay the timely interest. </p>.<p>Also, loan apps used to take permission of accessing photo albums and contacts lists on the users' smartphones, and when he/she failed to pay back on time, they used to contact relatives and friends with threats and humiliate the borrowers. Several people took extreme steps of suicide.</p>.<p>Taking cognizance of the severity of the issue, government and banking agencies asked platform owners such as Apple and Google to ban a <a href="https://www.deccanherald.com/business/business-news/rbi-listed-apps-with-ties-to-nbfc-entities-for-govt-before-bans-1189211.html" target="_blank">few guilty loan apps</a>, which also charged high-interest rates on naive borrowers.</p>.<p><strong>Read more | </strong><a href="https://www.deccanherald.com/city/bengaluru-crime/bengaluru-banker-kills-himself-over-torture-after-borrowing-rs-37000-from-loan-apps-1130773.html" target="_blank">Bengaluru banker kills himself over 'torture' after borrowing Rs 37,000 from loan apps</a></p>.<p>Now, Google has revised the Play policies, and now loan apps are barred from accessing phone storage, photos, videos, and contact list with phone numbers, and locations.</p>.<p>Also, loan apps should have the necessary approvals from RBI and have to submit them to Google Play for review. </p>.<p><strong>Read more | </strong><a href="https://www.deccanherald.com/national/ed-conducts-fresh-raids-in-chinese-loan-money-laundering-case-1145003.html" target="_blank">ED conducts fresh raids in Chinese loan money laundering case</a></p>.<p>And, if the app is not directly engaged in money lending activities and is only providing a platform to facilitate money lending by registered Non-Banking Financial Companies (NBFCs) or banks to users, you will need to accurately reflect this in the declaration.</p>.<p><strong>Also read |</strong> <a href="https://www.deccanherald.com/national/humiliated-by-money-lending-apps-representatives-three-end-lives-in-telangana-929997.html" target="_blank">Humiliated by money lending apps' representatives, three end lives in Telangana</a></p>.<p>The new changes have to be complied by the loan apps and others with related services by May 31, 2023.</p>.<p><em>Get the latest news on new launches, gadget reviews, apps, cybersecurity, and more on personal technology only on <a href="https://www.deccanherald.com/tag/dh-tech?_ga=2.210580691.73733284.1595225125-1706599323.1592232366" target="_blank">DH Tech</a>.</em> </p>
