Google will be imposing strict guidelines that will take effect on May 31 for personal loan applications that expose consumers to deceptive or risky financial products or services. The tech giant has revising its “Personal Loans policy”. This enable user-confidential information has not accessed.
The tech giant stated that it prohibits apps that offer personal loans or primarily facilitate access to personal loans. Such as lead generators or facilitators from accessing sensitive data, including photos and contacts.
The permissions has prohibited from read or accessed are external storage, media images, contacts, fine location, phone numbers, and media videos.
As per Google, “This policy applies to apps which offer loans directly, lead generators.
And those who connect consumers with third-party lenders.”
India urged to complete the Personal Loan App Declaration. Also, provide necessary documentation to support their declaration for personal loan apps.
For instance, if a company licensed by the Reserve Bank of India (RBI) to offer personal loans. It must submit a copy of the license for review.
NBFC AND GOOGLE
As per Google, “If you are not directly engaged in money lending activities and are 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.
In addition, the names of all registered NBFCs and banks must be prominently disclosed in your app’s description.”
“If your app contains or promotes financial products and services, you must comply with state. And local regulations for any region or country that your app targets – for example, include specific disclosures required by local law,” said Google.
Even though Google doesn’t fall under the Reserve Bank of India’s (RBI) ambit. It called several times in the last few months to meetings by the central bank. And the Indian government and urged to introduce tougher checks and balances that could help in weeding out such apps.
Furthermore, Google spokesperson had said that steps has taken and it had removed over 2,000 personal loan apps targeting India from the Play Store for violation of the Play policy requirements.
