Set Up Nodal Agency To Check On Digital Payment Fraud: Committee

A standing parliamentary committee of the Ministry of Electronics and Information Technology presented a report in the house and firmly recommended the creation of a nodal agency to address the matter of digital payment fraud. 

The committee tabled the report seeking grants for the forthcoming fiscal year starting 1 April. It has also asked to create standard operating procedures and protocols to deal with cases of digital payment fraud. The committee also said that the victims should be able to recover their losses within a reasonable time frame. 

The committee suggested the collaboration of the Ministry of home affairs, telecom service providers, Reserve Bank of India, fintech app and the local police to address such issues. 

The committee added that the amount involved in digital fraud might not be significant enough for the victim to initiate a formal complaint. 

The report also noted that the victim of digital payment fraud has to run from pillar to pillar to get solved their matter.