Finance Minister Smt. Nirmala
Sitharaman unveils Seven Steps to fight “Illegal Loan Apps”
India’s
Ministry of Finance today i.e09/09/2022 released a Press Release on “Illegal
Loan Apps”
As
per the Press Release; - Union Minister for Finance & Corporate Affairs
Smt. Nirmala Sitharaman chaired a meeting on 08/09/2022 to discuss the various
issues related to “Illegal Loan Apps” outside the regular banking channels.
In Attendance: -
·
Finance Secretary, Ministry of Finance; Secretary,
Economic Affairs;
·
Secretary, Revenue, & Corporate Affairs (Addl.
Charge);
·
Secretary, Financial Services;
·
Secretary, Electronics & Information
technology;
·
Deputy Governor, RBI;
·
Executive Director, RBI.
The following 7 steps are the
proposed approach to minimise the impact of “Illegal Loan Apps” in India.
Step 01) RBI will
prepare a “Whitelist” of all the legal Apps and MeitY will ensure that only
these “Whitelist” Apps are hosted on App Stores.
Step 02) RBI will monitor the ‘mule/rented’ accounts that
may be used for money laundering
Step 03) RBI to review/cancel dormant NBFCs to avoid their
misuse.
Step 04) RBI
will ensure that registration of payment aggregators be completed within a
timeframe and no un-registered payment aggregator be allowed to function after
that.
Step 05) MCA will identify shell companies and de-register
them to prevent their misuse.
Step 06) Steps should be taken to increase cyber awareness
for customers, bank employees, law enforcement agencies and other stakeholders.
Step 07) All Ministries/Agencies to take all possible
actions to prevent operations of such Illegal Loan Apps.
Read the full press release @ https://pib.gov.in/PressReleseDetail.aspx?PRID=1857998
Disclaimer: These are my personal
views only. The bottom line is Safe ePayments. Nothing More – Nothing less.
