Google took action against over 3,500 loan apps in India during the year 2022 for violating Play Store policy requirements, the company said in a blog post, “In India, in 2022, we have reviewed and taken necessary enforcement action, including removal of apps, on more than 3,500 personal loan apps for violations of the Play policy requirements. We continue to uplevel our efforts in this area by regularly updating our policies and review processes,” Google said.
In 2021, Google revised its Play Store developer program policy for financial services apps, including additional requirements for personal loan apps in India. The policy came into effect from September 2021. This included. completing a declaration form confirming that they are either licensed by the RBI to provide personal loans and submit a copy of the license, or alternatively, confirm that
they only provide a platform to facilitate money lending by duly licensed lenders. The app developers also need to ensure that the developer account name matches the name of the associated registered business name provided through their declaration.
New guidelines in 2022
In 2022, Google introduced additional requirements for developers offering personal loans in India as facilitators on behalf of NBFCs and banks, requiring them to also prominently disclose the names of all their partner NBFCS and banks in the app’s description and provide a live URL to the respective websites of partner NBFCs and banks where they are listed as an official agent, as part of the Personal Loan App Declaration.
Globally, the company recently updated its Personal Loans policy to state that apps aiming to provide or facilitate personal loans may not access user contacts or photos. As part of this update, apps that provide personal loans, or have the primary purpose of facilitating access to personal loans (i.e., lead generators or facilitators), are prohibited from accessing sensitive data, such as photos and contacts.
Source: Times Of India
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