Google will vet India’s personal loan apps more harshly ...Middle East

Quartz - Economy
Google will vet India’s personal loan apps more harshly
source : Quartz ( Middle East ) () 9
Google is stepping up scrutiny for lending apps in India.In a July 28 announcement, Google said Indian lending apps will have to fill out a “Personal Loan App Declaration” form, and provide supporting documentation such as a license from the Reserve Bank of India (RBI), or proof that the app is only a platform serving as a middle-man for registered non-banking financial companies (NBFCs) or banks. These players must also ensure the developer account name reflects the name of the associated registered business name in the declaration.These new rules are applicable only to companies in India. Worldwide, any app offering personal loans on Google Play has to just set its category to finance and

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