Google took motion in opposition to over 3,500 mortgage apps in India all the way through the 12 months 2022 for violating Play Store coverage necessities, the corporate mentioned in a weblog put up. “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 evaluation 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, confirming 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 tips in 2022
In 2022, Google presented further necessities for builders providing private loans in India as facilitators on behalf of NBFCs and banks, requiring them to additionally prominently expose the names of all their spouse NBFCs and banks within the app’s description and supply a are living URL to the respective Websites of spouse NBFCs and banks the place they’re indexed as an respectable agent, as a part of the Personal Loan App Declaration.
Globally, the corporate not too long ago up to date its Personal Loans coverage to state that apps aiming to supply or facilitate private loans won’t get right of entry to person contacts or pictures. As a part of this replace, apps that supply private loans, or have the principle goal of facilitating get right of entry to to private loans (ie, lead turbines or facilitators), are prohibited from getting access to delicate information, equivalent to pictures and contacts.
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, confirming 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 tips in 2022
In 2022, Google presented further necessities for builders providing private loans in India as facilitators on behalf of NBFCs and banks, requiring them to additionally prominently expose the names of all their spouse NBFCs and banks within the app’s description and supply a are living URL to the respective Websites of spouse NBFCs and banks the place they’re indexed as an respectable agent, as a part of the Personal Loan App Declaration.
Globally, the corporate not too long ago up to date its Personal Loans coverage to state that apps aiming to supply or facilitate private loans won’t get right of entry to person contacts or pictures. As a part of this replace, apps that supply private loans, or have the principle goal of facilitating get right of entry to to private loans (ie, lead turbines or facilitators), are prohibited from getting access to delicate information, equivalent to pictures and contacts.