New Delhi, 10th: Illegal loan companies offering loans at high interest rates have raised the concern of the central government. After which Finance Minister Nirmala Sitharaman has held a big meeting regarding the loan apps being run illegally in the country outside the regular banking channels. In the meeting, the finance minister discussed the use of these illegal apps to give loans to the economically weaker and low-income people at high interest rates, process hidden charges, offer loans and micro-credits on hidden charges, blackmailing, criminal recovery practices. Intimidation. expressed concern.
The finance minister has also expressed apprehension about the possibility of money laundering, tax evasion, data breach, privacy and misuse of unregulated payment aggregators, shell companies, defunct NBFCs through these illegal apps. In this meeting, legal, technical aspects related to these loan AIMs are discussed and many important decisions are taken. In which RBI will prepare a whitelist of all such legally recognized apps. And the Ministry of Information Technology will ensure that only whitelisted apps are hosted on the App Store.
RBI will monitor such rental accounts which may be used for money laundering. Also the doormat will be canceled after reviewing the NBFC. RBI will register payment aggregators within a prescribed period after which any unregistered payment aggregators will not be allowed to operate. The Ministry of Corporate Affairs will identify shell companies and cancel their registration to prevent their misuse.
Apart from this, customers, bank employees, law enforcement agencies and other stakeholders will be made aware about cyber. All ministries will take necessary steps to stop these illegal apps from starting operations. The Finance Ministry will monitor the steps taken on a regular basis. Apart from the officials of the Ministry of Finance, the officials of the Ministry of Information Technology and RBI have also participated in this meeting.
25-Jun-2025