Google New Loan Policy- How Customer Centric Is It?

April 13, 2023 by Rohin Pujari

On 7 April 2023, Google notified that it will be updating its Personal Loan policy, which will
come into effect from 31 May 2023.

As per the preview of the Financial Services Policy (“Google Policy”) shared by Google
personal loan apps are prohibited from accessing sensitive data such as photos and
contacts. More specifically, permissions will be prohibited for: storage; images; contacts;
location; numbers and videos.

In this context, it may be noted that the Digital Lending Guidelines provide for a one-time
access to certain mobile features such as camera, location, microphone etc. by the personal
loan apps for the purposes of onboarding the customer and KYC verification. Whether the
prohibition placed in the Google Policy on accessing location and images will be aligned with
such KYC requirements, will become clear only after release of the detailed Google Policy.

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WRITTEN BY

Amicus Advocates & Solicitors

For further information, please contact:

Shivi Rastogi – Co-Founder & Partner, Amicus Advocates & Solicitors
shivi@amicusservices.in

Shivi has extensive experience of close to two decades in corporate and commercial laws. As the founding partner of the Firm, she has worked on several debt and corporate finance mandates of the Firm, which had been the Firm’s mainstay practice for several years. Recently, leveraging her multi-disciplinary exposure, Shivi is now also working with the Firm’s Venture Capital and Private Equity teams to build this fast-growing practice within the Firm.

Shivi brings with her not only her experience in law but also the experience of having been an integral part of a fund manager team which raised and deployed a£25 Million AIM listed fund (Dhir India Investments Plc) for investment in distressed asset opportunities in India. She thereafter proceeded to co-found Amicus Services, where she has infused the culture of pragmatic legal and commercial thinking into the Firm’s approach to client mandates.

Shivi has worked with several clients on an array of matters, and they often rely on her as a proxy general counsel to provide simple, elegant, and out of the box solutions for their complex legal issues. Her legal acumen has also been recognized and recommended by leading global publications including IFLR, Legal 500, IBLJ among others.