look news india
Finance Minister Nirmala Sitharaman has directed various financial regulators including RBI to take strict steps to stop unauthorized loan distribution through online apps. Sitharaman said at the 28th meeting of the Financial Stability and Development Council (FSDC) on Wednesday that financial regulators should remain proactive with continuous monitoring to detect emerging risks in view of the domestic and global macro financial situation.
According to a statement issued after the meeting, the meeting discussed a range of issues including ongoing inter-regulatory issues to make the International Financial Services Center (IFSC) located at GIFT City, Gandhinagar one of the leading international financial centers in the world. . …These issues include setting uniform KYC standards, interoperability of KYC records across the financial sector and simplification and digitalization of the KYC process.
Earlier, the government had told Parliament in December that Google had suspended over 2,500 fraudulent loan disbursement apps from its Play Store between April, 2021 and July, 2022. These apps have cheated money from many borrowers. The meeting was attended by the RBI Governor, SEBI chief, IRDA Chairman, Insolvency and Bankruptcy Board of India chief and others.