Digital Payment push: Modi govt, RBI scan fraudulent transactions below Rs 1 lakh

With the rising trend of digital transactions, crimes like ATM, credit card frauds, Internet bank hacking etc. have also increased. However, soon victims of the frauds involving less than Rs 1 lakh will find relief under a new law. At present, the central bank along with other lenders are tracking cases of frauds related to credit, debit and ATM cards and internet banking involving below Rs one lakh. Union IT minister Ravi Shankar Prasad recently said in the Parliament, "The data of India cannot be stolen and strict action will be taken against any kind of fraud." Prasad said this during the Question Hour while responding to Supplementary queries.

The minister said the government is working with the Reserve Bank (RBI) to look into cases of financial frauds involving amounts which are below Rs 1 lakh, PTI reported. 

A Financial Data Protection bill has also been drafted to address issues related to data theft, including from social networking websites, Prasad said in the Upper House. 

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The minister also said there are problems because of the uncertainty of the cyber world. However, the government conducts security drills and has also set up centres to provide protection.

"A Financial Data Protection bill has been drafted that aims to address issues related to data theft, including from social networking websites", Prasad told the House.

To a supplementary query on steps taken to curb hacking of data from social networking sites, Prasad said, “Today, India will not bow down to the new imperialism. We took action against Facebook the moment we received the complaint.”