Google has updated its policy regarding enforcement of loan apps on the Play Store and only those apps are allowed on the Play Store which are published by Regulated Entities (REs) or those working in partnership with REs.
Chinese loan apps, operated by Chinese criminal syndicates and gangs, are causing significant financial losses in India. Pavan Duggal, a cybersecurity law expert, warns that these apps, which offer instant loans with high-interest rates, exploit unemployed youth and financially-stressed individuals.