Giving loan through mobile application and later harassing is becoming a big crime and Google has taken a big action against it. In the year 2022, action was taken against more than 3500 loan apps in India. Google has told that they reviewed and found that these apps were not meeting the requirements of Google Play Store’s policy and that is why they have been banned.
According to Google, they constantly work on their policy in this matter so that they can improve the experience of the users. In the year 2021, regarding the requirements of financial service apps and personal loan apps in India, Google had made changes in the Play Store Developer Program Policy, which 3500 apps were not able to follow.
According to this new policy of google, either such apps will have to confirm by filling the declaration form that they are licensed by RBI to provide personal loans and submit a copy of the license or confirm that they are available from licensed lenders. There is only one platform to get it done. App developers also have to note that the name of the account matches the name of the registered business associated with it.
In the year 2022, Google introduced additional requirements for developers giving 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. The company has recently updated its personal loan policy, in which it has been told that the apps which are providing personal loans, may not get access to the user’s contact or photo.
Must Read: Tragedy Strikes Torkham! Lightning-Caused Landslide Claims two Lives and Traps Truckers
Keep watching our YouTube Channel ‘DNP INDIA’. Also, please subscribe and follow us on FACEBOOK, INSTAGRAM, and TWITTER.
