India’s Digital Lenders Take On Google Play Store Over Loan App Crackdown – Inc42 Media

India’s Digital Lenders Take On Google Play Store Over Loan App Crackdown – Inc42 Media

After Google reportedly took down over 500 lending apps from the Google Play Store in India, digital lending companies and bodies representing fintech companies have approached Google over the new policies for publishers of such apps. Lending apps claim that these rules have been applied unevenly with many Chinese-origin apps falling foul of the rules for short-tenure loans of under 60 days.

Last week, Google took action against loan apps that did not fit its policies for loan repayment terms. As per its Play Store policies, financial services apps that offer unsecured or secured personal loans are required to disclose key information in the app description on the store and at the time of submitting the app. This includes but is not limited to information such as the minimum and maximum periods of repayment, the maximum annual percentage rate and a representative example of the total loan cost. “To help further ensure that users are making sound choices, we only allow personal loan apps with full repayment required in greater than or equal to 60 days from the date the loan is issued,” Google added.

Lenders fear that Google is acting as a super regulator, by asking for details that even the Reserve
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