Nirmala Sitharaman, India's finance minister, spoke on the subject of financial influencers on Sunday and emphasised the risks associated with Ponzi apps that purport to provide financial assistance.
Sitharaman said during her speech that there isn't currently a proposal to control "fin-fluencers," but that it's important to exercise prudence.
"If three or four people are giving us very objective, good advice, seven out of ten others are probably motivated by other factors," she advised.
According to reports, the Finance Ministry is collaborating with the Reserve Bank of India (RBI), the Ministry of Electronics and Information Technology (MeitY), and other agencies to crack down on fraudulent apps and shield the public from financial scams.
Sitharaman advised people to double-check, counter-check, and speak with other individuals. She cautioned people against jumping into something without first conducting their research in groups.