Quick Summary
In a proactive move aimed at curbing incidents like the BoB World app scam and other financial frauds, the finance ministry is advocating for a robust KYC procedure and rigorous due diligence by banks and financial institutions. This initiative aims to protect customers from cyber risks and ensure the integrity of the financial ecosystem. According to sources familiar with the matter, stringent scrutiny of merchants and Business Correspondents (BCs) offering banking services in rural and remo
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FAQ :
The Finance Ministry is proposing enhanced Know Your Customer (KYC) procedures and rigorous due diligence by banks and financial institutions.
They are being proposed to combat rising cyber scams and financial fraud, protect customers from cyber risks, and ensure the integrity of the financial ecosystem.
Banks may be advised to assess the concentration of BCs in cyber fraud hotspots and take actions such as onboarding reviews and blocking compromised micro ATMs.
The 'Indian Cyber Crime Coordination Centre' (I4C) under the Ministry of Home Affairs has been established, and the Reserve Bank is considering a Digital India Trust Agency (DIGITA).
In 2023, 11,28,265 cases of financial cyber fraud amounting to Rs 7,488.63 crore were reported.
Google has removed over 2,200 digital lending apps and revised its policy to only allow apps published by RBI-regulated entities or those partnered with them.
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