Such advertisements will no longer be visible on Facebook and Instagram, your hard-earned money will not go to hackers' account
The IT regulations will undergo some modifications by the Indian government. Social media businesses will need to establish new guidelines going forward to promote instant loan apps or other platforms that offer any kind of financial service.
India has a very high rate of financial fraud. These kinds of scams have proliferated since the introduction of quick loans. Social media is frequently used to promote these instant loan apps, but this will stop right now. On this, the government will impose strict measures.
Regarding this, the Indian government will be amending the IT regulations. Social media businesses will need to establish new guidelines going forward to promote instant loan apps or other platforms that offer any kind of financial service.
The government has declared that it will take legal action against any social media platform that disobeys the law and advertises false and deceptive apps.
There are rumours that the new regulation will go into effect before the next Lok Sabha elections. Regarding deceptive adverts on lending applications, the government and the Reserve Bank of India have been in talks for several months.
A few days ago, RBI released a list of some such fake loan apps and has said not to download any such loan apps which are not approved by RBI.