Google has updated its Play Store policies to include stricter requirements for apps offering personal loans in India. The company will require a copy of the app’s license from the Reserve Bank of India if it is registered as a loan provider. Additionally, the app must disclose if it is operating as a middleman between the user and the bank, as well as include the names of the registered NBFCs and banks they have collaborated with in its app description.
Furthermore, access to the user’s media, contacts, location history, phone numbers, photographs, or videos will be restricted for these apps. Google has also stated that no apps will be permitted to mine cryptocurrencies on devices, but they can control cryptocurrency mining from a distance. These changes are in line with the RBI’s regulations published in September 2022, which restrict digital lending using online platforms and mobile apps, as well as require apps to adhere to a code of conduct for debt collection.
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