Nirmala Sitharaman advises caution against ‘finfluencers’
The finance ministry is working with MeitY to eradicate Ponzi applications, Sitharaman said recently
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Published: Apr 25, 2023 7:11 PM | 1 min read
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Finance Minister Nirmala Sitharaman has advised social media users to be cautious and aware of who they are being influenced by. "Social influencers, finfluencers are all out there but a very strong sense of caution is required in each one of us to make sure we do double checking, counter-checking and don't go as a flock into something because somebody else is gone."
While the Union minister asked investors to do their due diligence, she said people need to remember that it is their “hard-earned money” and not just follow influencers blindly.
The finance ministry is working with MeitY to eradicate Ponzi applications that make false promises. "We are working with the ministry concerned, MeitY and the RBI. We are clamping down on them like never before so that we don't get those Ponzi apps taking away hard-earned money."
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