Finance Ministry Allows Social Media Property As Mortgage For Loans To Make India A ‘5 Trillion Economy’
The worrisome economic slowdown is making the Finance Ministry and RBI lose sleep. Data suggests that growth projections of various sectors are significantly below government projections and to improve the same finance ministry, on Wednesday, announced a slew of measures like easing out access for home loans and car loans. The step is being taken keeping the aim on ‘5 trillion’ in mind.
Reportedly, Banks will now accept social media properties, which are the source of revenue, as mortgage for disbursing loans. Twitter, Instagram and Facebook have been considered currently and if the system works then TikTok and Quora will also be added to the list.
In achieve the same, government is also likely to pass a bill in the lower and upper house in the winter session of the parliament that will mandate Aadhar linkage with social media accounts.
“Aadhar verification will ensure that there is no Benami social media property and govt gets all the data of people who default on loan repayment,” said a senior RBI officer who runs “Hindustani Bhau Fan Club” page on facebook.
PMO is likely to hold a meeting with RBI governor and Finance Minister early next week after which guidelines for the same will be made public.
