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Google asks loan apps to display link to partner bank
September 22, 2022
“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.
Google issued the policy on September 5 and gave the compliance deadline of September 19. It further said that the apps that fail to comply with the rules, will be deleted from the Google Play Store.
The centre has been putting pressure on Google, among other platforms, to make the digital finance ecosystem more transparent.
With the new changes, the apps will display the live link to the page of partner banks and NBFCs. The customers will be able to verify the connection by going to their pages. Also, the website of the partner banks will display the names of apps that are connected to them.
The rules are expected to bring down the menace of lending apps that defraud customers in lieu of offering instant credit.
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