The turnaround can be attributed to investor friendly policy, akin to the one that the Government of India took in 1991 with the New Economic Policy. The several steps that Telangana took includes: speedy clearance aided by a single window, 100 per cent refund on VAT and GST, refund on stamp duty, exemption from Land Ceiling Act, exemption from electricity wheeling charges and not running around to get approval from the State Pollution Control Board.
The most visible area of the state’s renewable energy push has been in public transport system. The Telangana State Road Transport Corporation (TSRTC) for instance teamed up with TSREDCO to install solar rooftop systems on the bus stations, bus depots and workshops. In all, 97 bus depots and 364 bus stations have been covered and the savings are over Rs 2 crore per annum. What is more! It resulted in reduction in carbon emissions by 7,300 tonnes a year.
- Keeps off 2,500 fake loan apps in India
- RBI has shared a ‘whitelist’ of legal apps with Centre
IndiGlobal Bureau
The government on Monday informed Parliament that Google has removed over 2,500 fraudulent loan apps from its Play Store between April 2021 and July 2022. This was informed in Parliament on Monday by Finance Minister Nirmala Sitharaman. In a written reply she informed that the government is engaged with the RBI and other regulators concerned to control fraudulent loan apps.
The matter is also regularly discussed and monitored in the meetings of the Financial Stability and Development Council (FSDC), an inter-regulatory forum under the chairpersonship of the Finance Minister. The objective is to remain proactive, maintain cyber security preparedness with constant vigilance, and take appropriate and timely action to mitigate any such vulnerabilities in the Indian financial system, she said.
As part of steps taken to control fraudulent loan apps, the RBI has shared a ‘whitelist’ of legal apps with the government of India, and this list was shared by the Ministry of Electronics and Information Technology (Meity) with Google, whose app store is the primary source of distribution of digital lending apps. Google has updated its policy
As per their revised policy, only those apps are allowed on the Play Store which are published by Regulated Entities (REs) or those working in partnership with REs. “Between April 2021 and July 2022, Google also reviewed approximately 3,500 to 4,000 loan lending apps and suspended or removed over 2,500 fraudulent loan apps from its Play Store,” she said.
The Indian Cyber Crime Coordination Centre (I4C), Ministry of Home Affairs (MHA), has been regularly analysing the digital lending apps proactively. Based on its analysis and complaints reported on the National Cyber Crime Reporting Portal, the I4C team analyses apps on various parameters and reports to Meity apps found suspicious for blocking, she said. To spread awareness against cybercrimes and to safeguard interests of citizens, several steps have been taken by the government, the RBI, and banks, she said. The RBI has formulated conducting of electronic-Banking Awareness And Training (e-BAAT) which has largely focussed on awareness about fraud and risk mitigation, while a Nation-wide Intensive Awareness Programme (NIAP) was carried out in collaboration with the REs. In a separate response, Sitharaman said more than 44.46 crore loans amounting to Rs26.12 lakh crore (as of November 24, 2023) have been sanctioned to the borrowers under the Pradhan Mantri Mudra Yojana (PMMY) since its inception.