Financial frauds are very high in India. After the advent of instant loans, there has been a flood of such frauds. Advertisements of these instant loan apps are seen a lot on social media but this will not happen now. The government is going to take strict action on this.
The Government of India is going to make some changes in the IT rules regarding this. After the new change, social media companies will have to make new rules for advertising instant loan apps or platforms providing any kind of financial service.
The government has said that if any social media platform ignores the rules and promotes fake and misleading apps, then legal action will be taken against it.
It is being said that the new rule will be implemented before the upcoming Lok Sabha elections. The government has been in discussions with the Reserve Bank of India for several months to deal with misleading advertisements on loan apps.
A few days ago, RBI has released a list of some such fake loan apps and has said that do not download any such loan apps which are not approved by RBI.
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