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

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

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

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

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.

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

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

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

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

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.