Cyber Fraud Cases Reports Crossed Over 14,000 in 2021, MoS Informs Parliament

As many as 14,007 cyber fraud circumstances had been registered in 2021, Parliament was knowledgeable on Monday. 

Quoting Nationwide Crime Information Bureau (NCRB) information, Minister of State for Finance Bhagwat Karad stated “complete variety of cyber fraud circumstances which incorporates…frauds dedicated by way of on-line apps is 14,007 in 2021 (newest printed information pertains to the yr 2021).”

RBI issued regulatory tips on digital lending on September 2, 2022 aimed toward firming up the regulatory framework for digital lending whereas enhancing buyer safety and making the digital lending ecosystem protected and sound, he stated in a written reply in Lok Sabha.

As many as 1,062 complaints associated to ‘digital lending apps’ obtained by the Places of work of the RBI Ombudsman (ORBIOs) in opposition to REs underneath Reserve Financial institution – Built-in Ombudsman Scheme, 2021 (RB-IOS) had been obtained between April 1, 2022 and March 31, 2023, he stated.

This regulatory framework relies on the precept that lending enterprise might be carried out solely by entities which are both regulated by it or entities permitted to take action underneath every other regulation, he stated.

All of the Regulated Entities (REs) are required to adjust to the stated tips on digital lending, he stated.

Compliance with these tips are examined on pattern foundation throughout supervisory evaluation and any non-compliance noticed is taken up for rectification aside from initiating supervisory/enforcement motion, as deemed match.

The Enforcement Division of RBI has not imposed any financial penalty on REs for non-compliance with tips on digital lending issued on September 9, 2022.

In reply to a different query, Karad stated, the ‘Depositor Schooling and Consciousness Fund Scheme, 2014’, was notified by Reserve Financial institution of India (RBI), which covers norms associated to unclaimed deposits and descriptions particulars of utilisation of fund.

Because of varied steps undertaken to return the unclaimed deposits to their rightful homeowners/claimants, complete Rs. 5,729 crore has been transferred from the fund to banks in direction of refund of settling unclaimed deposits, in final 5 years, he stated.

RBI has additionally launched marketing campaign ‘100 Days 100 Pays” for banks to hint and settle high 100 unclaimed deposits of each financial institution in each district of the nation inside 100 days, from June 1, 2023 to September 8, 2023, he stated.