On May 31, Google implemented strict standards for personal loan applications that put customers to misleading or dangerous financial products or services. The IT firm is updating its "Personal Loans policy" to prevent access to user-confidential data.
According to the tech giant, apps that offer loan services or are primarily used to facilitate access to personal loans are not allowed to read or access sensitive data, such as contacts and photos. Other permissions that are also not allowed include reading external storage, media, contacts, and location.
For India, it had advised personal loan apps to fill out the Personal Loan App Declaration while providing the necessary supporting documentation. For instance, if the business has a license from the Reserve Bank of India (RBI) to offer personal loans, it must submit a copy of the license for review.
As per Google, “If you are not directly engaged in money lending activities and are only providing a platform to facilitate money lending by registered Non-Banking Financial Companies (NBFCs) or banks to users, you will need to accurately reflect this in the declaration. In addition, the names of all registered NBFCs and banks must be prominently disclosed in your app’s description."
“If your app contains or promotes financial products and services, you must comply with state and local regulations for any region or country that your app targets - for example, include specific disclosures required by local law," said Google.
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