“Ponzi apps taking away hard-earned money.” The Finance Minister’s warning against fin-fluencers…💰
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00:00So, social influencers, fin-influential influencers are all out there.
00:09If there are three or four people giving us very objective, good advice, there are seven
00:16others out of ten who are probably driven by some other considerations.
00:21There are also apps which are coming out and reaching out to people saying, we can do this,
00:27we can do that, your money will fetch you this much, many of whom are poncy.
00:57A lot of people consume social media where fin-fluencers are the new financial experts.
01:14I know that there was some talk on regulating or giving guidelines to financial influencers.
01:19Your thoughts on whether that needs to be regulated?
01:23At this stage, I'm not having any proposal before me for regulating them.
01:29But yes, a word of caution is important.
01:33If there are three or four people giving us very objective, good advice, there are seven
01:39others out of ten who are probably driven by some other considerations.
01:46There are also apps which are coming out and reaching out to people saying, we can do this,
01:51we can do that, your money will fetch you this much, many of whom are poncy.
01:58The apps on which we are working with the ministry concerned, the Meti ministry and
02:05with the Reserve Bank and clamping down on them like never before so that we don't get
02:13those poncy apps taking away hard-earned money.
02:19Social influencers, fin-influencers are all out there, but a very strong sense of caution
02:29is required in each one of us to make sure that we do double-checking, counter-checking,
02:35talking with people, don't go as a flock into something because somebody else has gone and
02:41you also go without doing your due diligence.
02:44We have to be careful.
02:45It's our hard-worked money.
02:47You earned it.
02:48You save it.
02:49You protect it.