Google asks loan apps to show a link to partner bank, NBFC: Report reveals


New Delhi: Google has requested loan disbursement and credit aggregators apps on the Google Play Store to display a link to the partner bank or Non-Bank Finance Corporation (NBFC) after several meetings with the Reserve Bank of India (RBI) and authorities from the Ministry of Electronics and Information Technology (MeitY) (ET), according to a report Issued by Al-Eqtisadiah newspaper.

“For apps that remain non-compliant with the requirements after the specified deadline, as for any non-compliance with the Policy, we take necessary enforcement actions as part of our ongoing policy compliance scans, including removing apps from the Play Store,” a Google official said. saying.

Google published the policy on September 5 and set a compliance deadline of September 19. Additionally, you mentioned that incompatible apps will be removed from the Google Play Store.

The center is putting pressure on Google and other platforms to increase transparency throughout the digital banking system.

The apps will now display a direct connection to the page of partner banks and non-bank financial firms as a result of the new modifications. By visiting their pages, customers will be able to confirm the link. The names of applications associated with partner banks will also be displayed on their websites.

The regulations are expected to end the threat posed by loan apps that cheat users instead of offering quick credit.

The Reserve Bank of India (RBI) also published a whitelist of lending applications allowed to operate in India on September 9. The Ministry of Finance requested that this be done, and so it was.

The ET report noted that all express lending apps must connect users to third-party lenders and include information in their metadata about minimum and maximum repayment time, interest rates and other fees.

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