Google for India 2024: Key Announcements on Gold Loans, AI Expansion, and Sustainability Initiatives
Google Expands Financial and AI Services in India, Partners with Adani for Sustainability Projects
At its annual “Google for India” event on October 3, Google announced several major initiatives aimed at expanding its services and deepening its presence in India:
Good news for Google Pay users! At the Google for India event on October 3, 2024, Google announced that personal loans and gold loans will now be easier to access via the app. This new service is made possible through partnerships with Muthoot Finance and Aditya Birla Capital Limited, allowing users to take personal loans up to ₹5 lakh directly from the app.
For gold loans, users can borrow up to ₹50 lakh using the gold in their possession as collateral, all without the need for a credit report or extensive documentation. While the process for applying has not been fully disclosed, Google has indicated that the interest rates will be highly competitive.
Additionally, Google Pay has integrated the UPI Circle feature, following its earlier introduction on the BHIM app. This feature allows users to add family members or friends to their UPI account, enabling them to make payments within a set limit.
- Gold Loans via Google Pay: Google Pay users in India will now be able to access gold loans through a partnership with Muthoot Finance. Additionally, the loan limit on Google Pay has been raised to ₹5 lakh (500,000 rupees). However, details about the application process are yet to be revealed.
- Sustainability Partnership with Adani Group: Google is collaborating with the Adani Group and ClearMax to meet its sustainability goals. Together, they plan to establish renewable energy projects, including solar and wind plants across Gujarat, Rajasthan, and Karnataka. These initiatives are expected to add 186 megawatts of clean energy capacity to India’s power grid by 2026.
- UPI Circle Feature on Google Pay: Google Pay introduced a new UPI Circle feature, allowing users to delegate transactions with a set limit, offering more control and convenience for payments. This feature is similar to the one introduced earlier through the government’s BHIM app, with a monthly transaction limit of ₹15,000.
- Gemini AI in Hindi and Indian Languages: Google’s Gemini AI system, previously launched on Pixel devices, is now available in Hindi and will soon support eight other Indian languages, including Bengali, Gujarati, and Tamil. This expands the reach of AI tools to a broader Indian audience.
Additionally, Google launched an AI literacy program, aiming to educate 10 million Indians by providing free courses on YouTube and Google Cloud platforms. These courses will focus on Generative AI, Responsible AI, and Large Language Models, and will soon be available in several Indian languages.
In terms of economic impact, Google estimates that AI could unlock ₹33 trillion of economic value in India by 2030, supporting growth across multiple sectors.