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The central government has directed all social media companies and online platforms to not carry advertisements of fraudulent loan apps. IT minister Rajeev Chandrasekhar has said that these illegal loan apps are misleading, and exploit people who are using the internet.
“One of the areas we are now cracking down on is advertising of fraudulent loan apps that many platforms are carrying and we have made it clear that no intermediary can carry advertisements of fraudulent loan apps because it will be misleading and exploits people who are using the internet,” the minister said noting an advisory issued earlier this week.
Several reports this year suggest that people have fallen prey to several fake instant loan apps, which lend small amounts to those in need at exorbitantly high-interest rates. People have complained of being harassed and blackmailed for not paying back the amount. The apps also demand personal information and multiple types of ‘hidden charges’ from users.
What the IT ministry’s advisory said
In the advisory, the IT Ministry directed that “intermediaries and platforms should take additional measures to not permit any advertisements of illegal loan and betting apps having the potential to scam and mislead the users, the consequences of which will be the sole responsibility of the intermediaries and platforms”.
The advisory also stressed the importance of robust grievance redressal mechanisms employed by intermediaries.
Earlier this month, the government informed the Parliament that Google had suspended or removed over 2,500 fraudulent loan apps from its Play Store between April 2021 and July 2022. It reviewed approximately 3,500 to 4,000 loan lending apps.
Recently, the government also issued an advisory on deepfakes targeting the growing concerns around misinformation powered by AI tools. It asked all intermediaries to ensure compliance with the existing IT rules.
“One of the areas we are now cracking down on is advertising of fraudulent loan apps that many platforms are carrying and we have made it clear that no intermediary can carry advertisements of fraudulent loan apps because it will be misleading and exploits people who are using the internet,” the minister said noting an advisory issued earlier this week.
Several reports this year suggest that people have fallen prey to several fake instant loan apps, which lend small amounts to those in need at exorbitantly high-interest rates. People have complained of being harassed and blackmailed for not paying back the amount. The apps also demand personal information and multiple types of ‘hidden charges’ from users.
What the IT ministry’s advisory said
In the advisory, the IT Ministry directed that “intermediaries and platforms should take additional measures to not permit any advertisements of illegal loan and betting apps having the potential to scam and mislead the users, the consequences of which will be the sole responsibility of the intermediaries and platforms”.
The advisory also stressed the importance of robust grievance redressal mechanisms employed by intermediaries.
Earlier this month, the government informed the Parliament that Google had suspended or removed over 2,500 fraudulent loan apps from its Play Store between April 2021 and July 2022. It reviewed approximately 3,500 to 4,000 loan lending apps.
Recently, the government also issued an advisory on deepfakes targeting the growing concerns around misinformation powered by AI tools. It asked all intermediaries to ensure compliance with the existing IT rules.
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