Apart from this, RBI is also going to monitor such accounts, which can be used for money laundering
The Finance Ministry has recently given a statement in which it has been told that RBI should complete the registration of payment ‘aggregators’ within the time limit, after which no unregistered apps will be allowed to work. In the last two years, many such cases have come to the fore, when people tried to take steps like suicide because of a loan. Now the government is preparing to take strict steps regarding this problem.
Amidst the growing trend of online payment, the number of digital loan apps has also increased very rapidly. In the last few months, many such cases have come to the surface, when people took loans from online apps and then had to repent. Illegal companies giving loans through these digital apps have harassed people. These companies are trapping people in debt by giving loans.
There are many online loan apps on Play Store. Most of these apps do not even have RBI approval and have been doing their business for years without any registration. These companies make illegal recovery from customers after giving loans due to which suicide cases are increasing in the country.
It has been decided that RBI will prepare a list of all legal apps. Apart from this, the Ministry of Electronics and Information Technology (MEIT) has also been given the task to keep only the legal app on the Play Store. Apart from this, RBI is also going to monitor such accounts, which can be used for money laundering.