Personal loan apps restricted on Play Store from 31 May

Regarding Android financial service apps, Google has updated its Play Store policies support page.After May 31, 2023, applications for personal loans won’t be able to access users’ contacts or photographs. Mashable reports that the business is implementing a requirement that all loan applications contain additional country-specific paperwork to confirm their validity.

Reports state that loan applications in India must now include the Personal Loan App Declaration and additional supporting documents.

Reserve Bank of India has designated the app as a loan provider, Google will want a copy of the licence.The names of all registered NBFCs and banks that the app has partnered with must be listed in full disclosure in the app’s description if it acts as a mediator between the user and the bank rather than directly disbursing loans.

Access to the smartphone’s storage, contacts, location history, phone numbers, photographs, or videos would be restricted for apps that offer personal loans.
Google added that they won’t permit any applications “that mine cryptocurrencies on devices.”

The RBI published regulations to control digital lending using online platforms and mobile apps in September 2022.According to these rules, loan apps are not permitted to access users’ media or contact information.

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