Are you the victim of credit card, debit, ATM or Internet banking fraud? The government is working with the Reserve Bank of India (RBI) to investigate frauds below Rs 1 lakh. In addition to this, the government has also prepared a bill on the protection of financial data. This information was shared in Rajya Sabha by the Union IT Minister Ravi Shankar Prasad.
The minister said the government was working with the Reserve Bank (RBI) to investigate cases of financial fraud involving amounts 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 media sites, Prasad told the Upper House.
At present, the central bank and other lenders are tracking cases of credit, debit and ATM card fraud and internet banking involving more than Rs. 1 lakh. Prasad said: “Data from India cannot be stolen and strict measures will be taken against any kind of fraud,” Prasad said during question time while answering supplementary questions.
The Union Minister also mentioned that the data on hacking presented to the Upper House is mainly related to financial fraud. The RBI is already examining cases of fraud involving transactions in excess of Rs a lakh. “We are working with the RBI to investigate fraud involving transactions below one lakh of Rs,” he said.
Responding to a further question on the measures taken to combat data hacking of social media sites, the Union Minister said: “Today India will not bow to the new imperialism. We have taken action against Facebook as soon as we received the complaint. “
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A financial data protection bill has been drafted that aims to address all of these issues, the minister said while adding that there are issues due to the uncertainty of the cyber world. However, the government is organizing security drills and has also set up centers to ensure the protection of people.