According to Google, the loan disbursal applications and the credit aggregators on the Google Play store have to prominently display a link with the partner bank or with the non-banking finance company. It will be introduced as an additional security feature by Google after a serious meeting of the company with the officials of the Ministry of Electronics and Information Technology and the RBI.
Google updates this policy on September 5th, and if the apps that have failed to comply with the deadline on the 19th of September are deleted from the play store. A Google spokesperson said that for apps that remain non-compliant with the requirement past the deadline provided. It is done for any policy non-compliance, we have been taking necessary enforcement action as part of our ongoing policy compliance sweeps, which includes the removal of apps from the Play Store.
The live links will allow users to verify the connection with the bank and NBFC. In turn, it will highlight on their web pages a list of the loan disbursal apps and credit facilitators that they have approved or tried out. The government has been trying to tackle the menace of digital lending apps as they defraud customers through the lure of instant credit. As it has been putting pressure on the ecosystem. It all includes platforms such as Google, as it distributes the majority of these apps.
FAQ
- How does Google update this policy?
Ans. On September 5th,
- What is the deadline for the policy?
Ans. September 19.
- What is the full form of NBFC?
Ans. Non-Banking finance company.