Finance Minister Nirmala Sitharaman addressed the issue of financial influencers in India and warned that Panzi apps offering financial solutions are dangerous. Sitharaman is reportedly working with the Ministry of Electronics and Information Technology and the RBI to clamp down on fraudulent apps and protect citizens from financial scams.
"If there are three or four people giving us very objective, good advice, there are seven others out of 10 who are probably driven by some other considerations," she cautioned.
Talking about Financial influencers at an event in Bengaluru, Sitharaman cautioned anybody seeking their advice and asked people to double-check before relying on any advice so that no individual faces a loss of hard-earned money.
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Now the question is who are Financial influencers?
Financial influencers are individuals who share tips and strategies on how to manage money. Financial influencers typically share financial advice through social media platforms and/or a blog or website.
Financial influencers or 'finfluencer' is a social media influencer. Personal finance influencers share financial knowledge through social media platforms such as YouTube channels, Instagram, Facebook and others.
Sitharaman said that seeking advice from any social media influencer without double-checking can be dangerous as the number of fake apps is also increasing with more people trusting the advice of finfluencers.
