Government with RBI looking financial frauds below Rs. 1 lakh

Government is working with the Reserve Bank (RBI) to look into cases of financial frauds involving amounts which are below Rs. 1 lakh, IT (information technology) Minister Ravi Shankar Prasad said in the Rajya Sabha on Friday.
A Financial Data Protection bill has been drafted that aims to address issues related to data theft, including from social networking websites, he also told the House. Presently, the RBI along with banks is tracking cases of frauds related to credit, debit and ATM cards and internet banking involving over Rs. 1 lakh, he said.
“The data of India cannot be stolen and strict action will be taken against any kind of fraud,” Mr Prasad said during the Question Hour while responding to Supplementary queries. He also mentioned that the data on hacking placed before the Upper House is substantially related to financial fraud. The RBI is already looking into cases of frauds involving transaction above Rs. 1 lakh.
“We are working with the RBI to look into frauds involving transaction below Rs. 1 lakh amount,” he said. To a supplementary query on steps taken to curb hacking of data from social networking sites, Prasad said, “Today, India will not bow down to the new imperialism. We took action against Facebook the moment we received the complaint.” A Financial Data Protection bill has been drafted that aims to address all these issue, he said.
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