According to a report, Google has been directed by the Ministry of Electronics and Information Technology (MeitY) and RBI to introduce stricter norms to curb the use of illegal digital lending applications in the country. The central bank recently asked lenders to bring in stringent norms for digital lending services, with an aim to protect borrowers from rising malpractices in the digital lending space. Google reportedly revised its Play Store Developer Program policy for financial services apps last year, including mandating additional requirements for personal loan apps in India.
according to a report good In an crackdown on illegal digital lending platforms, by Reuters, the government and central bank have asked Google to conduct a stricter investigation to ensure that only regulatory-approved loan apps are available for download on the Google Play Store. The search giant has reportedly been asked to limit the emergence of such apps through other distribution channels including websites and other means of download.
Google reportedly said that it revised its Play Store Developer Program policy for financial services apps and mandated additional requirements for personal loan apps in India effective September last year. A Google spokesperson told Reuters that the company removed more than 2,000 personal loan apps from the Play Store in India for violating its user protection policies.
“We will continue to engage with law enforcement agencies and industry bodies to help resolve this issue,” the spokesperson said.
The development comes weeks after the RBI issued detailed guidelines for digital lending in the country. The government and RBI are currently preparing a white list of approved loan applications. The central bank has also mandated that digital loans should be deposited directly into borrowers’ bank accounts and not through any third party.
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