Tech giant Google has announced that it now requires personal loan apps in India to complete the additional proof of eligibility requirements.
The eligibility includes copy of their license by the Reserve Bank of India (RBI), and declaration that they are not directly engaged in money lending activities and are only providing a platform to facilitate money lending by registered Non-Banking Financial Companies (NBFCs) or banks to users.
“If you are licensed by the RBI to provide personal loans, you must submit a copy of your license for our review,” the company said in a blogpost.
“If you are not directly engaged in money lending activities and are only providing a platform to facilitate money lending by registered Non-Banking Financial Companies (NBFCs) or banks to users, you will need to accurately reflect this in the declaration,” it added.
In addition, the names of all registered NBFCs and banks must be prominently disclosed in the app’s description, the company said.
Google also said to ensure that the developer account name matches the name of the associated registered business name provided through your declaration.
The company mentioned that Indonesia and the Philippines, along with India, should complete the additional proof of eligibility requirements.
Meanwhile, Google also said that it is all set to ban third-party call-recording apps from Wednesday as a part of the changes in its Play Store policies.
According to a media reports, Google claimed that it seeks to close alternative use accessibility application programming interfaces (APIs) for things other than accessibility. Accessibility Service APIs are tools that offer additional services that can help those with disabilities overcome challenges.