In the year 2022, Google took action against more than 3500 loan apps in India. According to the company, they reviewed and found that these apps did not meet the requirements of the Google Play Store policy. Many apps were also removed through this action. According to Google, they are constantly working on their policy in this matter so that they can improve the experience of the users. In the year 2021, Google has changed the Play Store Developer Program Policy regarding the needs of financial service apps and personal loan apps in India. Had done This policy came into force from September 2021. As per this policy, such apps will have to either confirm that they are licensed by RBI to provide personal loans by filling a declaration form and submit a copy of the license or confirm that they are licensed to provide loans from licensed lenders. There is only one platform. App developers should also note that the account name matches the registered business name of the account as provided at the time of declaration.
In the year 2022, Google introduced additional requirements for developers offering personal loans. Under this, they will have to write the names of their partner NBFCs and banks in the app description in the details of the app. Along with this, as part of the personal loan app declaration, they will also have to provide the URLs of the websites of the partner NBFCs and banks where they are listed as agents.
Globally, the company recently updated its personal loan policy to state that apps offering personal loans may not have access to users’ contacts or photos. As part of this update, apps that provide personal loans will not get access to sensitive data like photos and contacts.