New Delhi: Google has requested the loan disbursal applications and credit aggregators on Google Play Store to display a link to the partner bank or the Non-Banking Finance Corporation (NBFC) after many meetings with the Reserve Bank of India (RBI) and the authorities from the Ministry of Electronics and Information Technology (MeitY) (ET), according to a report by the Economic Times.
“For apps that remain non-compliant with the requirements past the deadline provided, as is done for any policy non-compliance, we have been taking necessary enforcement action as part of our ongoing policy compliance sweeps, including removal of apps from the Play Store,” ET quoted a Google official as saying.
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Google published the policy on September 5 and set a September 19 compliance deadline. Additionally, it stated that non-compliant apps would be removed from the Google Play Store.
The centre has been exerting pressure on Google and other platforms to increase transparency throughout the digital banking ecosystem.
The applications will now show a live connection to the page of partner banks and NBFCs as a result of the new adjustments. By visiting their pages, customers would be able to confirm the link. The names of the apps that are linked to the partner banks will also be shown on their websites.
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The regulations are anticipated to end the threat posed by loan applications that cheat users instead of providing fast credit.
The RBI also published a whitelist of lending apps that are permitted to function in India on September 9. The finance ministry requested that it be done, thus it was.
The ET report noted that all fast lending apps must connect users with third-party lenders and include information in the metadata about the minimum and maximum amount of time for repayment, interest rates, and other fees.
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