Banks And Financial Service Companies on Friday demanded detailed guidelines from the Reserve Bank of India (RBI) to implement ban on online gaming related to money in an important meeting with the Department of Financial Services and Ministry of Information Technology. Sources gave this information. Sources said that these financial service companies have also demanded additional time to prepare the necessary arrangements to implement the ban order. The government has recently banned all types of online money gaming under the ‘Online Gaming Promotion and Regulation Act’. These steps have been taken keeping in mind the incidents of suicide and frequent complaints of heavy economic losses.
Banks and financial companies are not allowed to transfer money for money games
Sources said that the meeting was mainly discussed to understand the provisions of this law and know how banks and financial companies would implement it. An official said, “There was also talk on the arrangements of the transition period and possible challenges. Everyone committed to implement it, but has also sought detailed guidelines from the RBI in this regard. He has also demanded time to give time to fix its compliance system.” Under the Act, advertisements related to online money games cannot be shown and banks and financial companies will not be allowed to transfer money for such sports.
Provision of jail along with heavy fine for breaking the rules
Advertising will be imprisoned up to two years and a fine of up to Rs 50 lakh, while providing financial transactions can be imprisoned for up to three years and a fine of up to Rs 1 crore. Frequent crime can also be imposed in jail for three to five years and a penalty of up to two crore rupees. Meanwhile, the major online money gaming companies of the country have announced to shut down their services in view of the government’s decision. The major challenge for the government is to ban foreign online money gaming and betting platforms. According to an estimate, about 45 crore people in the country have lost around Rs 20,000 crore in a year due to online money gaming addiction.
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