The Center recently issued directives to social media subsidiaries and online platforms, urging them to actively identify and remove illegal loan and betting apps as per the existing IT Rules.
In a move to tackle misinformation, deepfakes, and illicit financial activities, the Ministry of Electronics and Information Technology (MeitY) issued an advisory on Tuesday to all digital intermediaries. Emphasizing compliance with IT rules, the advisory specifically highlighted the obligation of intermediaries to curb illegal loan and betting apps.
The directive emphasized the responsibility of platforms to refrain from promoting or allowing advertisements related to fraudulent loan and betting apps. Platforms failing to adhere to these guidelines will bear the responsibility for the potential consequences affecting users.
This advisory aligns with the government's proactive stance in safeguarding against deepfakes, misinformation, and the proliferation of unauthorized financial apps. The aim is to foster a secure and trustworthy online environment for all users.
In a meeting held earlier in October, MeitY and the Reserve Bank of India (RBI) discussed measures to counter illegal betting apps. The IT Ministry urged the RBI to implement a more comprehensive Know Your Customer (KYC) process for banks.
Proposed as 'Know Your Digital Finance App' (KYDFA), this enhanced KYC process aims to bolster the ability to track and tackle rogue loan apps effectively. The recommendation was officially conveyed to the Department of Financial Services (DFS) and RBI on October 13.
Rajeev Chandrasekhar, Union Minister of State for Electronics and IT, highlighted the crackdown on fraudulent loan app advertisements carried by various platforms. Chandrasekhar emphasized that intermediaries are now restricted from displaying such advertisements, preventing potential exploitation of internet users.
The advisory also stressed the importance of robust grievance redressal mechanisms implemented by intermediaries, underscoring the need for effective resolution of user complaints.
(With Agency Inputs)
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