The Indian government has taken decisive action against deceptive loan app advertisements on social media and internet platforms. This move comes after reports of scams and exploitation by these illegal apps, which offer loans with exorbitant interest rates. Rajeev Chandrasekhar, Minister of Information Technology, highlighted this issue, stating that deceptive loan app advertisements mislead and exploit vulnerable individuals who rely on the internet for financial assistance.
In response, the government has issued a recommendation to all intermediaries and platforms to refrain from publishing advertisements promoting these dishonest apps. This recommendation not only emphasizes the responsibility of intermediaries and platforms in preventing such advertisements but also imposes the obligation to implement effective complaint resolution mechanisms. This will allow users to assert their rights in case of encountering deceptive loan apps or facing harassment and blackmail due to repayment delays.
As part of efforts to combat this growing problem, the government has announced that Google has already taken action against over 2,500 deceptive loan apps in its Play Store from April 2021 to July 2022. This underscores the urgent need for stronger regulations and more rigorous monitoring of loan apps in the market.
Furthermore, the government has also addressed the issue of deepfakes, artificially generated videos and audio that can spread misinformation. It has called on intermediaries to comply with existing regulations regarding information technology and take actions to prevent the spread of deepfakes.
By combating deceptive loan app advertisements and deepfake content, the government aims to protect internet users from exploitation and curb the spread of disinformation. The recommendation serves as a stern warning to intermediaries and platforms, emphasizing that they will be held accountable for the consequences of promoting illegal loan apps.
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