According to the Minister of State for Finance Bhagwat Karad, there were a total of 14,007 cyber fraud cases registered in 2021, as per the data from the National Crime Records Bureau (NCRB). These cases include frauds committed through online apps. The latest published data pertains to the year 2021.
In a written reply in Lok Sabha, Karad mentioned that the Reserve Bank of India (RBI) issued regulatory guidelines on digital lending on September 2, 2022. The objective of these guidelines is to strengthen the regulatory framework for digital lending, ensure customer protection, and create a safe and secure digital lending ecosystem.
Between April 1, 2022, and March 31, 2023, the Offices of the RBI Ombudsman (ORBIOs) received a total of 1,062 complaints related to ‘digital lending apps’ under the Reserve Bank – Integrated Ombudsman Scheme, 2021 (RB-IOS).
Karad emphasized that this regulatory framework is based on the principle that lending business can only be carried out by entities that are either regulated by the RBI or entities permitted to do so under any other applicable law. All Regulated Entities (REs) are required to comply with these guidelines on digital lending.
During supervisory assessments, compliance with these guidelines is examined on a sample basis. If any non-compliance is observed, the RBI takes appropriate action to rectify the situation, including initiating supervisory/enforcement action.
Karad clarified that the Enforcement Department of RBI has not imposed any monetary penalty on REs for non-compliance with the guidelines on digital lending issued on September 9, 2022.
In response to another question, Karad stated that the Reserve Bank of India (RBI) notified the ‘Depositor Education and Awareness Fund Scheme, 2014’, which comprises regulations related to unclaimed deposits and specifies the utilization of the fund.
Over the past five years, a total of Rs. 5,729 crore has been transferred from the fund to banks to refund and settle unclaimed deposits, thanks to various measures undertaken to return the deposits to their rightful owners/claimants.
Furthermore, RBI has launched the ‘100 Days 100 Pays’ campaign for banks. The campaign aims to track and settle the top 100 unclaimed deposits of every bank in every district of the country within 100 days, starting from June 1, 2023, to September 8, 2023.
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