In a continued effort to combat the proliferation of illegal loan and betting applications, the Ministry of Electronics and Information Technology (MeitY) has escalated its crackdown, issuing a stern advisory to intermediaries. The move reinforces the obligation of intermediaries to actively identify, prohibit, and remove any such applications operating on their platforms.
The advisory, released on Monday, underscores the gravity of the issue and warns intermediaries against permitting any advertisements promoting illegal loan and betting apps. The advisory emphasises that these apps often have the potential to scam and mislead users, posing a significant threat to the digital ecosystem.
This October, MeitY urged the Department of Financial Services (DFS) and the Reserve Bank of India (RBI) to collaborate on introducing Know Your Customer (KYC) norms for companies. This measure aimed to facilitate the tracing of errant loan apps and enhance the overall security and accountability within the financial sector.
Industry experts have welcomed these measures, acknowledging the need for a collaborative approach between government bodies and financial institutions to address the evolving challenges in the digital landscape. As the crackdown on illegal loan and betting apps intensifies, the focus remains on creating a secure and transparent digital ecosystem that fosters trust among users and stakeholders alike.
Also read: Job scams, sextortion see uptick but Chinese loan app frauds decline, reveals government data
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