He said the transformation brought about by the fintech sector in India is not just limited to technology, but its social impact is far-reaching. He also stressed that fintech has dented the parallel economy and is bridging the gap between villages and cities on the financial services front. The prime minister also said that in the last 10 years, the fintech space has attracted investments of more than $31 billion and fintech startups have grown by 500 per cent.
The size of Reserve Bank's balance sheet increased by 11.08 per cent to Rs 70.47 lakh crore as on March 2024, leading to the highest-ever dividend payout to the government, according to the central bank's annual report. In actual terms, the increase was Rs 7,02,946.97 crore over Rs 63.45 lakh crore as on March 2023.
Telecom service providers and the Maha Kumbh Mela administration are on their toes to ensure smooth connectivity at the grand event set to witness record teledensity.
Some of the celebrities whose names and details were used by the fraudsters are Abhishek Bachchan, Shilpa Shetty, Madhuri Dixit, Emraan Hashmi and Mahendra Singh Dhoni, Deputy Commissioner of Police (DCP) of Shahadra Rohit Meena said.
User protection and a proposal for a licensing framework for companies seeking to operate in the cryptocurrency area will be part of an upcoming consultation paper on the sector, said a senior industry executive. Even as specific regulations around crypto are yet to take shape, companies are setting up baseline user protection processes, including a redressal mechanism, fraud detection, regular filing of suspicious transaction reports (STRs), among others.
'The first and most basic responsibility of any government is to protect its people from external threats and internal harm.' 'Budget 2025-2026 has to focus on meeting this responsibility,' asserts R Jagannathan.
'Probably revised guidelines will come, and then the real picture will emerge.'
The Delhi government's Women and Child Development and Health departments issued public notices on Wednesday distancing themselves from the ruling Aam Aadmi Party's promised schemes of providing Rs 2,100 to women and free treatment for the elderly, triggering a fresh row ahead of assembly polls.
One of every four people in the 27-37-year age group, the most prolific in using digital banking apps, reported a fraud in the past year
The telecom ministry will set up an intelligence unit and a consumer protection system as part of continuing efforts to tackle the menace of pesky calls as well as to take strict action against financial frauds perpetrated using telecom resources.
Will allowing business correspondents to hawk insurance products help in reviving 5-lakh strong field agents as a viable channel?
From dubbing voices to putting faces with the help of AI, political campaigns are undergoing a Bollywood makeover. Among the favourites is a scene from the Anil Kapoor-starrer Nayak, posted by the BJP, where Kapoor asks about the Chunaavi Vaade (poll promise), with Arvind Kejriwal at the receiving end instead of Amrish Puri.
The fraud was operated from call centres in India to defraud hundreds of elderly and vulnerable people in the US, CBI officials said.
Cloned journals have become more rampant in the post-pandemic world.
...benefiting 350,000 persons. Also, Trai detected and blocked seven million mobile phone connections involved in cyber fraud and suspicious activities.
Stressing the need to make evidence-based policy formulation an integral part of governance, the prime minister said auditors must resort to technical tools to iron out any chances of fraud in organisations and give a new identity to new India.
The Telecom Regulatory Authority of India's (Trai's) latest push to review its existing spam regulations and expand the definition of "commercial communications" is driven by an urgent need to tighten controls on autodialers or robocallers, and bulk messaging, according to official sources. This move, they said, comes in response to a surge in complaints against unregistered telemarketers (UTMs), which soared to 750,000 in just the first half of 2024, underscoring the necessity for a comprehensive overhaul of the government's anti-spam measures. Last week, Trai released a consultation paper aimed at revisiting the Telecom Commercial Communications Customer Preference Regulations, 2018 (TCCCPR-2018), the government's legal framework against spam.
'We will take tough calls where needed in the interest of doing what is right.'
The Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI) have intensified their investigations against Gaurav Mehta, a suspect in a Bitcoin Ponzi scam, following allegations that politicians may have been involved in using cryptocurrency to influence Maharashtra assembly polls. The ED searched Mehta's residence in Raipur and seized computers and digital devices. The CBI summoned him to appear before investigators. The ED is probing Mehta's potential links to politicians, politically exposed persons, and bureaucrats as part of its money laundering probe. The allegations came after BJP released purported voice notes suggesting that Congress and NCP leaders were attempting to use cryptocurrency for election campaigning. Both parties denied the claims, calling the voice notes fake.
The senior IPS officer said that 45 percent of cyber financial frauds taking place in the country are originating from the South East Asia.
A common feature in India is the lag between the occurrence of frauds and the time they are actually reported.
The country's largest lender State Bank of India has seen a perceptible increase in the number transactions happening at its multiple digital channels, with the percentage moving from 60 per cent in the pre-pandemic period to 67 per cent currently, chairman Dinesh Khara said. The rise in the number of digital transactions at the bank was largely driven by pick up in e-commerce during the pandemic-induced lockdown, which restricted movement, he said.
Private sector banks reported the maximum number of frauds in 2022-2023.
'So, we would work with our members to ensure that we as an SRO create some sort of due diligence for fintechs.'
The Union finance ministry will meet CEOs of public sector banks to discuss issues related to cybersecurity in the wake of the Rs 820 crore (Rs 8.2 billion) fraud that hit Kolkata-based UCO Bank last month.
The Commission has desired to incorporate Aadhaar-based fingerprint authentication (else digital fingerprint capturing) and facial recognition of candidates, scanning of QR Code of e-admit cards and monitoring through live AI-based CCTV video surveillance, it said.
'A credit line on UPI is going to make banks think about credit fundamentally as they digitise the credit process entirely.'
India's internet economy is estimated to reach $1 trillion by 2030, primarily due to e-commerce, which is expected to be worth $325 billion and rank third globally, according to industry experts. Last year marked a crucial turning point for India's e-commerce sector, with notable changes in consumer trends, technology, and regulations. InGovern Research Services, a leading corporate governance advisory firm, hosted a virtual roundtable to deliberate on the notable developments in India's e-commerce sector in 2023, with a particular focus on the essential role of customer trust in fueling its ongoing expansion.
Fraudsters in Himachal Pradesh minted a series of a cryptocoins -- two of which were KRO and DGT -- to cheat thousands of investors of more than Rs 200 crore over a period of five years, beginning in 2018 -- the year the crypto reached fever pitch.
The indictment says the alleged co-conspirators "knowingly and willfully joined a conspiracy to unlawfully change the outcome of the election in favour of Trump".
Launched in March, it triggers re-verification of suspected fraudulent numbers. Failing re-verification, the number will be disconnected.
At the heart of Paytm's slide lies the abject failure of its Super App strategy, notes Indrajit Gupta.
Customers using mobile wallets, prepaid payments cards, and paper vouchers such as Sodexo have been absolved of liability for fraud if it is reported within three days.
'What the RBI is doing is trying to catch the mouse when they have to catch the tiger.'
Discrepancies between Form 26AS and Form 16 can lead to an inquiry by the I-T department.
Customers taking small and convenient steps and some degree of care and precaution while paying digitally will ensure safety and security from new threats that emerge every day, says Avinash Luthria
Here's how you are most likely to get ripped off in cyberspace--and how to protect yourself.
Purchase health insurance at an early age, before you incur a disease, as this makes access to health insurance difficult and raises the premium significantly.
In the year-long crackdown on tax evasion, the GST authorities have unearthed over Rs 35,000 crore of tax fraud committed by misuse of input tax credit provision under the Goods and Services Tax (GST) regime. During the 2020-21 financial year, the CGST zones and the Directorate General of GST Intelligence (DGGI) booked about 8,000 cases involving fake ITC of over Rs 35,000 crore, a statement from CBIC said. Under the GST regime, at the time of paying tax on output, entities can reduce the tax they have already paid on inputs.
The court's observation came while granting bail to a person accused of running call centres in the country and defrauding United States citizens to the tune of about $20 million.
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