Top Telangana Cops hold meeting with RBI officials on app-based lenders

Senior Telangana policeofficials on Friday held a meeting here with the RBI appointedworking group for devising modalities to regulate digitalmoney lending in the country.

The Hyderabad, Cyberabad and Rachakonda policecommissionerates apprised the officials of the RBI on theentire situation arising out of the operation of unscrupulousmoney lending apps and their predatory approach towards thepublic in lending and recovering the loans.

Further, it was suggested to devise guidelines tostreamline the digital lending by authorized NBFCs (Non-Banking Finance Company) using various platforms so that thepublic must be able to identify the genuine and legallyauthorized money lending agencies, it said.

Also, it was suggested that the banks whoseaccounts are being used for money transactions by thesefraudulent money lending apps must have a stringent Know YourCustomer (KYC) mechanism and also periodical review of theactivities to alert the law enforcement agencies of anysuspicious transactions.PTI GDK BNADMINISTRATOR BNADMINISTRATOR