Police interact with RBI officials on loan app fraud : vimar

Police interact with RBI officials on loan app fraud


Police interact with RBI officials on loan app fraud
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Suggest guidelines for digital lending
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Suggest guidelines for digital lending
Police of Hyderabad, Cyberabad and Rachakonda Commissionerates investigating alleged financial irregularities by instant loan app companies on Friday held a meeting with the Reserve Bank of India appointed working group for devising modalities to regulate the space of digital money lending in the country.
They apprised the officials of the RBI on the entire situation arising out of the operation of unscrupulous money lending apps and their predatory approach towards public lending and recovering the loans.
Further, the police suggested devising guidelines to streamline the digital lending by authorised NBFCs using various platforms. “Public must be able to identify the genuine and unauthorised money lending agencies and their lending process should be transparent and adherent to all the legal provisions,” they said.

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