The Parliamentary Standing Committee on Finance has urged the central government to institute new norms that mandate tech giants Google and Apple to share detailed app metadata and developer identities listed on their app marketplaces. The committee’s report, presented to the Parliament on the issue of ‘Cyber Security And Rising Incidence Of Cyber/White Collar Crimes’, emphasizes the need for such guidelines to trace the origins of fraudulent apps and safeguard users.
Parliamentary Standing Committee Recommendations for App Marketplaces and Regulatory Framework
The committee recommended that app stores like Apple’s App Store and Google Play Store adhere to specific guidelines, including detailed app metadata, verification of developer identities, and traceability information on app ownership and origin. Moreover, it called for big tech companies to bear the responsibility of regularly updating and patching their operating systems, enforce stringent vetting processes for application approvals, and actively promote user education and awareness on safe practices.
Focus on Fintech Space and Consumer Protection
The report pointed out challenges in controlling third-party service providers, especially big techs and telecom operators, regarding cyber security. The committee urged the government to assess the impact of AI tools and establish accountability standards for all involved parties. Enhancing regulatory powers and implementing new norms for big techs and telcos in the fintech domain. Including improved eKYC verification and regular cyber security audits, were also advocated.
Parliamentary Standing Committee Building a Consumer-Protection Framework for Digital Lending Platforms
The committee voiced concern about illegal digital lending apps and predatory recovery practices. It suggested that the Central Protection Authority (CPA) create a whitelisting framework for Digital Lending Agencies (DLAs). This framework aims to address illegal practices and encourage a uniform code of conduct. The criteria for whitelisting would include responsible data handling, transparent disclosure of terms and conditions, and compliance with regulations.
Strengthening Grievance Redressal and Cyber Security Frameworks
The committee proposed that all financial services providers ensure grievance redressal within a stipulated time frame. It also suggested creating self-regulatory organizations (SROs) for global best practices and better coordination of cyber security frameworks. The report comes amidst a surge in cyberattacks in India. It was submitted after consultations with leading industry names like Apple, Paytm, Flipkart, and others.
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