Hyderabad: Cyberabad police have urged the Reserve Bank of India (RBI) to maintain supervision of foreign nationals who conduct illegal business after coming to India with business visas.
In a letter to the RBI in the first week of December, the police have recommended several steps to limit the illegal and investment-based loans.
“Some foreigners come to business visas and start a business in India.
RBI in coordination with the Ministry of Home Affairs, the Ministry of Company Affairs and Immigration must monitor foreigners such as coming business visas and doing illegal business here.
A look at this to be maintained on this foreign national, acceptance, payment and financial transactions must be monitored in coordination with the financial intelligence unit, “said Cyberabad police.
Based on the findings of the investigation, the police made recommendations to reduce illegal activities of the instant loan application organizers.
“Companies application or non-financial banking (NBFC) must be prevented from accessing customer secret personal information such as its / contact, location, gallery, files, etc.,” police said.
Before writing the letter, the police held a meeting with the RBI, officials from the Ministry of Finance and others to share their opinions on ways to curb illegal activities behind instant application-based loan businesses.
In Cyberabad and various parts of Telangana, six people take their lives because of harassment and humiliating by the Call Center executive-cum-recovery agent through different ways, including accessing telephone contacts from the loan player.
Excellent interests are collected from loanees.
Cyberabad Police Commissioner Stephen Raveendra, who is part of a multi-department meeting, said Chargesheets will be submitted immediately in cases of different abuse submitted by loanees, which are harassed during recovery of money by embarrassing them as absent.
The police said the RBI must make it mandatory for each NBFC for intimate mobile applications used to facilitate loan disbursement or collection to inform banks.
The central bank must, in turn, upload the nbfcs and their applications concerned on the site.
When an official from RBI, Hyderabad was contacted for a reaction to the police recommendation, officers without revealing any details said, “RBI will take the necessary regulations such as those suggested by the police.”
Oversee foreign nationals: Police to RBI
