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.
The investigators also suggested that the banks whose accounts are being used for money transactions by these fraudulent money lending apps must have a stringent mechanism for KYC and also periodical review of the activities to alert the law enforcement agencies of any suspicious transactions. Cyberabad Commissioner of Police V.C. Sajjanar, State Counter Intelligence chief Rajesh Kumar, Hyderabad Joint Commissioner of Police (Detective Department) Avinash Mohanty and other senior officers were present at the video conference.
