New Delhi, Sep 9 : The Reserve Bank of India (RBI) will create an “whitelist” of all the legal apps.The Union Ministry of Electronics and Information Technology will ensure that only the “whitelist” apps will be hosted by app stores.The decision was taken at a high-level meeting on issues relating to illegal loan applications and was chaired by Finance Minister Nirmala Sitharaman on Thursday.
It was agreed in the session that RBI will monitor’mule or rental’ accounts that could be used to facilitate money laundering and, as a result, close dormant banks that are not bank finance institutions, also known as NBFCs, to be safe from misuse, according to sources.
The RBI will also ensure that the registration of payment aggregaters is completed within a timeframe and that no unregistered payment aggregator is allowed to operate after that.
The Ministry of Corporate Affairs has been asked to find companies that are shell companies and then deregister them to stop their use.
Sitharaman expressed concern about the rising instances of illegal loan apps that offer loans mainly to the most vulnerable segments of society, with high interest rates, and then employing intimidation tactics to recover the money.
She also mentioned the possibilities of fraud, tax evasion, and data breaches by these aggregators.
The Minister informed officials that measures should be taken to raise cyber-smartness for bank employees, customers police agencies, customers, and others.
This meeting was attended by Economic Affairs Secretary, Finance Secretary, Secretary and the Banking Secretary as well Secretaries from various ministries such as corporate affairs as well as IT.
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