This is government’s plan to tackle cybercrime in India: Know what is changing

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Know what the Finance Ministry said about the increasing cybercrime. Check new guidelines for merchants and Business Correspondents.

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After the BoB (Bank of Baroda) World app scam came forward, the Finance Ministry is concerned about the growing cybercrime.

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To tackle such banking frauds, the  Ministry of Finance has highlighted major steps for banks and financial institutions.

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The banks and financial institutions will now have to conduct a thorough customer (KYC) of the emerging merchants in places where more cyber frauds are reported.

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Merchants and Business Correspondents (BCs) offering bank services in rural areas are advised to strengthen their operations and build strategies to prevent fraud.

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The Ministry of Home Affairs has also set up an 'Indian Cyber Crime Coordination Centre' (I4C) to manage different types of cyber frauds.

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For illegal loan fraud, RBI is also planning to set up a Digital India Trust Agency (DIGITA) to take action on illegal loan apps.

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These are some of the major steps the ministry has taken to reduce the growing cybercrimes in the country.

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Additionally, the Ministry of Finance and RBI are set to build more plans to protect people in rural areas from fraudulent banking and loan services.