Union Finance Minister Nirmala Sitharaman on Sunday said the finance ministry is working with the Ministry of Electronics and Information Technology (MeitY) and the Reserve Bank of India (RBI) to restrict ponzi apps.
Union Finance Minister Nirmala Sitharaman on Sunday said the finance ministry is working with the Ministry of Electronics and Information Technology (MeitY) and the Reserve Bank of India (RBI) to restrict ponzi apps.
This will protect investors from losing their hard-earned money, she said. While warning gullible investors, Sithatraman said they must always be careful to not fall prey to claims of lucrative returns on their money.
The Minister said this while speaking at the Thinkers Forum at Tumakuru (Karnataka), and said a strong sense of alertness is needed to protect the money.
She was saying, “There are also apps that are reaching out to people, saying they can do this, they can do that and your money will fetch you this much.” The minister described most such apps as ponzis that are used to take away the hard-earned money from people.
She said, “Many of them are ponzi, the apps on which we are working with the MeitY and with the RBI and clamping down on them like never before.”