Regulators should curb illegal lending apps: FM
Highlights need of constant vigil and be proactive towards detecting emerging financial stability risks
New Delhi: Finance Minister Nirmala Sitharaman on Wednesday asked financial sector regulators, including the Reserve Bank of India (RBI), to take further measures to check spread of unauthorised lending through online apps.
Addressing the 28th meeting of the Financial Stability and Development Council (FSDC) here, Sitharaman also asked regulators to maintain constant vigil and be proactive towards detecting emerging financial stability risks, given the domestic and global macro-financial situation. The FSDC deliberated on issues related to macro financial stability and India’s preparedness to deal with them, an official statement said after the meeting.
The ongoing inter-regulatory issues were also discussed to support GIFT IFSC in its strategic role to become one of the world’s premier international financial centres and perform its envisioned role of facilitating foreign capital and financial services for the domestic economy, it said. The FSDC discussed various issues related to the formulation of strategy to implement the FSDC decisions and the Union Budget announcements.
These included prescribing uniform KYC norms, inter-usability of KYC records across the financial sector, and simplification and digitalisation of the KYC process.
