BUSINESS

Google imposes new rules on loan apps

By Athik Saleh

1

Tightened loan policies

Google has tightened its Personal Loans policy for loan apps on Play Store in India to address predatory lending and harassment of borrowers. 

2

Increase in loan apps

Several unregulated instant loan apps emerged in India during the pandemic, leading to complaints of predatory and abusive actions. 

3

Updated policy

Google was urged by the government and RBI to take strict action against illegal apps. The company's updated policy came into effect yesterday (May 31). 

4

Declaration necessary

Google's new policy affects loan apps, lead generators, and third-party lenders. Apps must complete a declaration and submit documentation. 

5

Ban on sensitive data

India's new policy prohibits personal loan apps from accessing sensitive data such as contacts, photos, location, and videos.

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