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Finance Minister Smt. Nirmala Sitharaman chairs meeting on Illegal Loan Apps Multiple steps outlined to prevent operations of such Illegal Loan Apps Union Minister for Finance Corporate Affairs Smt. Nirmala Sitharaman chaired a meeting yesterday to discuss the various issues related to Illega
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FAQ :
The meeting on illegal loan apps was chaired by Union Minister for Finance & Corporate Affairs, Smt. Nirmala Sitharaman.
Concerns include exorbitant interest rates, hidden charges, predatory recovery practices like blackmailing, money laundering, tax evasion, data privacy breaches, and the misuse of unregulated payment aggregators, shell companies, and defunct NBFCs.
The RBI will prepare a 'Whitelist' of legal apps, monitor 'mule/rented' accounts for money laundering, review/cancel dormant NBFCs, and ensure registration of payment aggregators is completed.
MeitY (Ministry of Electronics & Information Technology) will ensure that only 'Whitelist' legal apps are hosted on app stores.
The Ministry of Corporate Affairs (MCA) will identify and de-register shell companies, and RBI will review/cancel dormant NBFCs.
Steps will be taken to increase cyber awareness for customers, bank employees, law enforcement agencies, and other stakeholders.
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