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FM Nirmala Sitharaman Urges Regulators to Curb Unauthorised Lending Apps

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FM Nirmala Sitharaman Urges Regulators to Curb Unauthorised Lending Apps

Finance Minister Nirmala Sitharaman has urged financial sector regulators, including the Reserve Bank of India (RBI), to take measures to combat unauthorised lending through online apps. At a Financial Stability and Development Council (FSDC) meeting, Sitharaman emphasised the need for constant vigilance and proactive detection of emerging financial stability risks. The FSDC also discussed issues related to the implementation of decisions taken by the council, including uniform know-your-customer (KYC) norms and the simplification and digitalisation of the KYC process. The meeting aimed to strengthen inter-regulatory coordination and support the development of the financial sector for inclusive economic growth.

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