Government working towards clamping down ponzi apps, says FM Sitharaman

NEW DELHI: Union Finance minister Nirmala Sitharaman on Sunday said that the government is working towards curbing ponzi apps, though there is no proposal at present before it to regulate financial influencers on social media.

Addressing an event in Karnataka's Tumkuru district, the Union Minister when asked if the Centre was planning to clamp down on "financial influencers" who give give financial advices on social media, said there is no such proposal as of now before the government.

However, she added, “There are many ponzi apps on which we're working with the IT ministry and RBI and clamping down on them like never before.”

On social media influencers giving financial advice, Sitharaman had a word of caution for people, as she said that they should be careful about following everything which is suggested by such platforms, as ultimately it is their hard earned money which is at stake.

"If there are three or four people giving us objective advice, then at the same time there are seven others out of 10 who're probably driven by some other considerations. Social influencers and financial influencers are all out there, but a strong sense of caution is required in each one of us to make sure we do double checking, counter checking, and don't go as a flock into something and therefore protect our hard-earned money," she said during the event. IANS