Financial influencers a growing concern in India, says FM Nirmala Sithraman

The Finance Ministry is reportedly working with the Ministry of Electronics and Information Technology (MeitY) and the Reserve Bank of India (RBI) to clamp down on fraudulent apps and protect citizens from financial scams.

The ministry is "clamping down on them like never before so that we don't get that Ponzi apps taking away hard-earned money," Sitharaman said.

Hence, while social and fin-influencers are out there, each individual must have a strong sense of caution, the finance minister alarmed.

Giving pointers on what to do, Sitharaman said Indian citizens should double-check, counter-check and talk to other people. She warned individuals to not go as a flock into something without doing due diligence.

"We have to be careful. It's our hard-worked money. You've earned it. You save it. You protect it," Sithraman said.

The finance minister made these comments on April 23 while in Bengaluru, Karnataka, for an event. There, she also commented on Prime Minister Narendra Modi's recognition of states and India's federal nature, and the Ukraine-Russia war and its global impact.

With the rise of social media and the growing influence of online personalities, financial influencers have become a topic of concern in India.