Bing has removed five electronic financing apps from the Android os Enjoy Store, the occasions of Asia reported. The five apps consist of OkCash, Go Cash, Flip money, ECash and SnapIt Loan, most of who provide short-term electronic loans at high interest levels. But as these are unregulated entities, these were in violation of GoogleвЂ™s policies, the report stated.
Recently, several complaints emerged on social media marketing internet sites saying that professionals, purportedly utilized by these apps, had been harassing borrowers through different means in relation to their loan payment. Within one situation, a debtor from Tamil Nadu who complained concerning the harassment they faced committed committing suicide, the report states.
In June 2020, the Reserve Bank of Asia issued directions to banking institutions and non-bank loan providers providing digital loans saying that since some loan providers either offer credit вЂњdirectly through their very own electronic platforms or through a lending that is digital under an outsourcing arrangement,вЂќ there have been dilemmas of transparency. Continue reading