Asci ticks off Axis Bank, Sharan Hegde, Octa
Foreign Exchange Management Act, and the Reserve Bank of India has issued an advisory on their use. However, advertising by such apps located outside India has been rampant over the past few years. In connection with one such ad, Asci took up a complaint against Octa FX and Pritam Holme Choudhury, a influencer.
In the absence of any response from the advertiser or the influencer, the consumer complaints council of Asci concluded that the Youtube video is “misleading by omission and exploits consumers’ lack of knowledge. The Youtube Video contravened the ASCI Code and the complaint was upheld." Asci also investigated a complaint against Axis Bank for an ad campaign that encouraged LGBTQIA+ community to open accounts with the bank. However, the bank actually barred two members of the community when they tried to open an account.
The council concluded that the advertisement was misleading and likely to lead to widespread disappointment among consumers, particularly the LGBTQIA+ community. Queries sent by Mint to Octa FX, Choudhury and Axis Bank did not elicit any response. Asci’s Kapoor told Mint that when an advertiser fails to comply with their regulations, they escalate it to the government.
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