Nirmala Sitharaman chairs the meeting on “Illegal Loan Apps”

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The Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman meeting with the Managing Director of IMF News, Ms. Kristalina Georgieva, in New Delhi on September 07, 2022.
The Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman meeting with the Managing Director of IMF News, Ms. Kristalina Georgieva, in New Delhi on September 07, 2022.
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Finance Minister Smt. Nirmala Sitharaman chairs the meeting on “Illegal Loan Apps”

Multiple steps are outlined to prevent operations of such Illegal Loan Apps

By PIB Delhi

Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman chaired a meeting yesterday to discuss the various issues related to “Illegal Loan Apps” outside the regular banking channels.

The meeting was attended by the Finance Secretary, Ministry of Finance; Secretary, Economic Affairs; Secretary, Revenue, & Corporate Affairs (Addl. Charge); Secretary, Financial Services; Secretary, Electronics & Information technology; Deputy Governor, RBI; and Executive Director, RBI.

The Finance Minister expressed concern on increasing instances of Illegal Loan Apps offering loans/micro credits, especially to vulnerable & low-income group people at exorbitantly high interest rates and processing/hidden charges, and predatory recovery practices involving blackmailing, criminal intimidation etc. Smt. Sitharaman also noted the possibility of money laundering, tax evasions, breach/privacy of data, and misuse of unregulated payment aggregators, shell companies, defunct NBFCs etc. for perpetrating such actions.

After detailed deliberations on legal, procedural & technical aspects of the issue, it was decided in the meeting that:

  • RBI will prepare a “Whitelist” of all the legal Apps and MeitY will ensure that only these “Whitelist” Apps are hosted on App Stores.
  • RBI will monitor the ‘mule/rented’ accounts that may be used for money laundering and to review/cancel dormant NBFCs to avoid their misuse.
  • 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.
  • MCA will identify shell companies and de-register them to prevent their misuse.
  • Steps should be taken to increase cyber awareness for customers, bank employees, law enforcement agencies and other stakeholders.
  • All Ministries/Agencies to take all possible actions to prevent operations of such Illegal Loan Apps.

The Ministry of Finance will monitor the actionable points for compliance on a regular basis.

About Post Author

Suman Munshi

Founder Editor of IBG NEWS (15/Mar/2012- 09/Aug/2018). Recipient of Udar Akash Rokeya Shakhawat Hossain Award 2018. National Geographic & Canon Wild Clicks 2011 jury and public poll winner. Studied Post Graduate Advance Dip in Computer Sc., MBA IT,LIMS (USA & Australia), GxP(USA & UK),BA (Sociology) Dip in Journalism (Ireland), Diploma in Vedic Astrology, Numerology, Palmistry, Vastu Shastra & Feng Sui 25 years in the digital & IT industry with Global MNCs' worked & traveled in USA, UK, Europe, Singapore, Australia, Bangladesh & many other countries. Education and Training advance management and R&D Technology from India, USA, UK, Australia. Over 30 Certification from Global leaders in R&D and Education. Computer Science Teacher, IT & LIMS expert with a wide fan following in his community. General Secretary West Bengal State Committee of All Indian Reporter’s Association
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