Finance
On Wednesday, the Center announced that, in accordance with the current IT Rules, it has instructed social media companies and online platforms to actively forbid and delete illicit lending and betting apps.
The Ministry of Electronics and Information Technology (MeitY) advised all digital intermediaries to actively abide by the current IT regulations on Tuesday, especially with regard to deepfakes and misinformation. The IT Ministry emphasized again in this advise how intermediaries have a duty to prohibit illicit lending and gambling apps.
“Intermediaries/platforms should take additional measures to not permit any advertisements of illegal loan and betting apps having potential to scam and mislead the users, the consequences of which will be the sole responsibility of the intermediaries/platforms,” according to the advisory.
This advise was released against the backdrop of the government’s resolute efforts to counter dangers like deepfakes, false information, and the rise of illicit lending and gambling applications. These actions demonstrate the government’s commitment to building a reliable and safe internet for all internet users.
MeitY and the Reserve Bank of India (RBI) met in October to talk about what has to be done to combat illegal betting apps. The RBI was pushed by the IT Ministry to develop a more thorough Know Your Customer (KYC) procedure for banks at the meeting.
The “Know Your Digital Finance App” (KYDFA) KYC procedure is intended to improve the capacity to identify and manage fraudulent loan applications. The Department of Financial Services (DFS) and the RBI received formal notification of this recommendation on 13th October.
Union Minister of State for Electronics and IT, Rajeev Chandrasekhar said on Wednesday that one of the areas “we are now cracking down on is advertising of fraudulent loan apps that many platforms are carrying.”
“We have, through yesterday’s advisory, made it clear that no intermediary can carry advertisements of fraudulent loan apps because it will be misleading and exploit people who are using the internet,” said the minister.
The recommendation also emphasized how crucial it is that intermediaries use strong grievance redressal procedures.
Source:IANS
