CBI, ED should focus on illegal loan app transactions-Central Finance Department

Amaravathi: The central government has initiated strict measures to clamp down on loan apps that give easy loans and charge high interest rates without any conditions after asking for a loan.In view of the increasing number of loan app crashes and many borrowers committing suicide, the finance department has ordered the Reserve Bank to prepare a white list with the details of legitimate loan apps to prevent illegal loan apps from appearing in the original play stores. Finance Minister Nirmala Sitharaman held a high-level meeting in Delhi on Friday. At present, the performance of loan apps and the measures to be taken to control them have been extensively discussed with the concerned authorities. In a meeting led by Nirmala, it was decided that steps should be taken to ensure that only the loan apps in the white list prepared by the Reserve Bank are available in the Android and Apple app stores. It has been decided that all the ministries and organizations of the central government should work in coordination to stop illegal loan apps.In this meeting, the Union Finance Department decided to ensure that the Enforcement Directorate and the Central Investigation Agency-CBI focus on the transactions of illegal loan apps.