(a) whether there is any proposal to enforce digital signatures in banking and business
transaction ;
(b) if so, the time by which it is likely to be enforced ;
(c) the extent to which this facility is likely to be beneficial to the computer and internet users; and
(d) the measures taken to make this system secured ?
THE MINISTER OF STATE IN THE MINISTRY OF FINANCE (SHRI BALASAHEB VIKHE PATIL)
(a) and (b) Digital Signatures would be part of electronic messages transmitted between banks as part of the
Indian Financial Network (INFINET). Following the precincts of the Information Technology Act, 2000, these
would be generally applicable to financial messages exchanged over the INFINET and wherever data relating
to funds in an electronic/magnetic medium exists.
The institute for Development and Research in Banking Technology (IDRBT) would commence functioning as
the Certification Authority once it is approved by the Controller of Certification Authorities of the Government
of India.
(c) This would be beneficial for banks/financial institutions which transmit funds based messages electronically.
As far as internet based computer users are concerned they have to make use of digital signatures provided by
other certification agencies.
(d) For the INFINET, security would be part of the Structured Financial Messaging Solution (SFMS) of the IDRBT,
such provisions would match international standards.