The parliamentary standing committee on finance has invited representatives from leading tech companies and banks to discuss the alarming increase in cybercrimes in India. Scheduled for July 4, the meeting will include representatives from Apple, Flipkart, and One97 Communications (Paytm), among others, who will address concerns related to cybersecurity. The committee, led by BJP’s Jayant Sinha, will also hear oral evidence from banks such as Punjab National Bank, Bank of India, Yes Bank, and Indian Computer Emergency Response Team (CERT-In) on the subject of cyber security and the growing incidence of cyber and white-collar crimes.
During a recent panel meeting, cyber security and the rising number of cybercrimes were extensively discussed. Lawmakers interrogated industry experts on various aspects of unlawful activities, including fraudulent loan applications. Notable attendees at the meeting included Chase India, Razorpay, PhonePe, CRED, QNu Labs, as well as Nasscom, the trade body and chamber of commerce for India’s tech industry. The meeting also addressed the issue of fraudulent lending apps.
Earlier this year, the Ministry of Electronics and Information Technology (MeitY) ordered the blocking of 232 apps, including 138 betting and gambling websites and 94 loan apps. These platforms were found to be involved in money laundering and posed a significant threat to the country’s financial security. Notable apps that faced a ban included LazyPay and Kissht, although the government later lifted the ban on these lending apps.
In conclusion, the parliamentary standing committee on finance is taking proactive measures to address the growing issue of cybercrimes in India, inviting stakeholders from tech companies and banks to engage in discussions and find effective solutions. This reflects the government’s commitment to safeguarding the nation against cybersecurity threats and ensuring the security of financial transactions.
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