Google pressured by India regulators to get rid of illegal lending apps: report
Sean Gallup


Alphabet (NASDAQ:GOOG) (NASDAQ:GOOGL) shares slipped on Monday after Reuters reported that Google was under pressure from regulators in India to help stop the rise of illegal lending apps.
The news outlet, citing sources, noted that Google (GOOG) (GOOGL) has been called to meetings over the past few months by the country's central bank and the country's government. At these meetings, Google has been asked to introduce tougher checks and balances, four sources told the news outlet.

Alphabet (GOOG) (GOOGL) did not immediately respond to a request for comment from Seeking Alpha.
A company spokesperson told Reuters that it had removed more than 2,000 personal loan apps targeting India from the Play Store and will "continue to engage with law enforcement agencies and industry bodies to help address this issue."
In addition, Google (GOOG) (GOOGL) has been asked to curb the rise of these apps from other distribution methods outside of its app store, a source added.
Google's (GOOG) Android accounts for the vast majority of India's smartphone market, according to Counterpoint Research.
Investment firm Citi recently listed Alphabet (GOOG) (GOOGL) as one of its top investment picks.