New Delhi: On Sunday, the Finance Minister of India Nirmala Sitharaman, spoke about the rising concern over financial influencers in India. Finance Ministry cautioned the public about the growing risks linked to fraudulent apps in the market. She emphasized the importance of being intelligent and taking proper precautions and decisions while using these apps for financial solutions.
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The aim of the statement is to spread awareness to avoid falling prey to Ponzi schemes that can lead to huge financial losses. The minister's statement was about to highlight the need for increased awareness when using financial advisory apps in this digital era.
Social influencers & 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, don't go as a flock into something & therefore protect our hard-earned money
— NSitharamanOffice (@nsitharamanoffc) April 23, 2023
- Smt @nsitharaman (2/2)
Finance Minister Nirmala Sithraman in her address, clarified that currently there is not any plan to regulate Fin- Influencers in India. Moreover, Sithraman emphasizes the need for caution and awareness in terms of the use of Ponzi apps.
The Finance Minister urged the citizens to be wary of these schemes, which have been known to be misled or cause fraud while looking for financial services. It is advised for the citizens to exercise well and research thoroughly while looking for any financial opportunities or apps before investing their money or time.
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