Google strengthens personal loan policy for apps on Android
By MYBRANDBOOK
To address more security, Google intends to limit apps that provide loans to individuals from accessing sensitive user information like contacts, photos, and more. Google released an update to its Personal Loans policy for apps on Play Store including new restrictions to prevent apps from accessing external storage, photos, videos, contacts, precise location, and call logs. This will be implemented from May 31.
The company has asked apps to complete the personal loan app declaration for India, and provide necessary documentation to support the declaration. If the firm is licensed by the Reserve Bank of India (RBI) to provide personal loans, they must submit a copy of the licence for review.
The tech giant has released a declaration form for lending apps from India, requiring specific disclosures. It said, "Those who 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, they will need to accurately reflect this in the declaration. In addition, the names of all registered NBFCs and banks must be prominently disclosed in the app’s description. Users must complete this declaration form and submit the necessary documentation before publishing their personal loan app. When the entity is ready to submit the app, they must ensure that the app category is correctly set to “Finance” in the Google Play Console, that the developer account name matches the name of the associated registered business name provided through declaration, and that the app is in compliance with all Google Play policies."
Entities should expect the review of their submitted declaration form and app to take at least a week and prepare their app’s launch date accordingly. Apple has already in place a data “nutrition label” on its App Store which informs users about what data, if any, is collected by the developers and used for which purpose.
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