Google New guidelines for personal loan apps: Google is eyeing personal loan apps in India. Now the company has come up with new guidelines for this. App developers will have to follow the new policy by 15 September 2021. It also includes the mandatory rules for the required qualifications, which are required to be followed in order to be on the Play Store.
Earlier, concerns are being raised that these small loan apps are targeting users in the country. In January, Google said it had removed hundreds of personal loan apps based on complaints from users and government agencies.
What is the new guidelines?
Under the new guidelines, apps will have to meet the Personal Loan App Declaration designed for India. They will have to provide necessary documents in support of this. For example, have you got the requisite license from the Reserve Bank of India to give a personal loan. If so, they will have to submit a copy of it to Google.
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Google said that the apps which are not in direct lending work and are only providing platforms for providing loans to users by non-banking financial companies (NBFCs) or banks. They also have to show this information accurately in their declaration. There are many such personal loan apps, which include companies like Xiaomi, Realme. They provide a platform for third party lending services through their personal loan apps. This rule has been applied to them.