The Ministry of Electronics and Information Technology (MeitY) and the RBI have ordered Google to introduce strict rules to curb the use of illegal digital lending apps in the country, according to a report. The central bank recently asked lenders to introduce strict rules for digital lending services aimed at protecting borrowers from growing bad practices in the digital lending space. Google reportedly revised its Play Store Developer Program policy for financial services apps, including mandatory additional requirements for personal loan apps in India last year.
According to a Reuters report, in a crackdown on illegal digital lending platforms, the government and central bank have asked Google to add strict controls to ensure only regulator-approved lending apps are available for download on Google. playstore. The search giant has reportedly been asked to look into limiting the appearance of such apps through other distribution channels, including websites and other download mediums.
Google reportedly said it revised its Play Store developer program policy for financial services apps and mandated additional requirements for personal loan apps in India from September last year. The company has removed more than 2,000 personal loan apps from the Play Store in India for violating its user safety policies, a Google spokesman told Reuters.
“We will continue to work with law enforcement and industry bodies to help address this issue,” the spokesperson said.
The developments come a few weeks after the RBI issued a detailed set of guidelines for digital lending in the country. The government and RBI are currently preparing a white list of approved loan applications. The central bank also mandated that digital loans be credited directly to borrowers’ bank accounts and not through third parties.
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