Hyderabad: Senior Telangana police officials on Friday held a meeting here with the RBI appointed working group for devising modalities to regulate digital money lending in the country.
The Hyderabad, Cyberabad and Rachakonda police commissionerates 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 the public in lending and recovering the loans.
Further, it was suggested to devise guidelines to streamline the digital lending by authorized NBFCs (Non- Banking Finance Company) using various platforms so that the public must be able to identify the genuine and legally authorized money lending agencies, it said.
Also, it was suggested that the banks whose accounts are being used for money transactions by these fraudulent money lending apps must have a stringent Know Your Customer (KYC) mechanism and also periodical review of the activities to alert the law enforcement agencies of any suspicious transactions.
PTI
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