(a) whether the Government propose to empower banks to deal with E-Commerce and all facets of cyber crime to avert misappropriation of funds;
(b) if so, the details thereof; and
(c) the preventive measures being taken in this regard?
(a) whether the Government propose to empower banks to deal with E-Commerce and all facets of cyber crime to avert misappropriation of funds;
(b) if so, the details thereof; and
(c) the preventive measures being taken in this regard?
THE MINISTER OF STATE IN THE MINISTRY OF FINANCE (SHRI BALASAHEB VIKHE PATIL)
(a), (b) & (c):- The Reserve Bank of India (RBI) has reported that keeping in view the provisions of the Information Technology Act 2000, banks may deal with the settlement of the fund lag in e-commerce transactions subject to its satisfaction regarding the identity of customer, authenticity of the message and its non-repudiation. This should enable the banks to safeguard against cyber crimes and avert misappropriation of funds.
RBI has further reported that Indian Financial Network (INFINET) has been developed with a view to enable secured funds transfer among banks.