The Parliamentary Standing Committee on Finance in India is set to hold discussions next week with representatives from various banks and major tech companies to address concerns regarding cyber security and the increasing incidents of cyber crimes in the country. The committee, headed by BJP’s Jayant Sinha, has invited representatives from Punjab National Bank (PNB), Bank of India, Yes Bank, and Indian Computer Emergency Response Team (CERT-In) to provide oral evidence on the subject on July 4.
In addition to the banks, the committee has also separately called representatives from tech giants such as One97 Communications (Paytm), Flipkart, Google, and Apple to discuss the same issues. With cyber crimes becoming a growing threat, it is crucial for experts from different sectors to come together and find effective solutions to combat these illicit activities.
The issue of cyber security and the rising number of cyber crimes was also the focus of a previous meeting held by the committee earlier this month. During the meeting, industry experts were questioned by lawmakers on various aspects of unlawful activities, including fraudulent loan applications. The issue of fraudulent lending apps, which have been making headlines lately due to increasing complaints of fraud and excessive interest rates, was also discussed during the meeting.
The firms represented at the earlier meeting included Chase India, Razorpay, PhonePe, CRED, QNu Labs, as well as Nasscom, a prominent trade body and chamber of commerce for the tech industry in India. The parliamentary committee comprises members such as P Chidambaram, Sougata Roy, Sushil Modi, Amar Patnaik, among others, who will contribute their expertise to address the issue effectively.
By bringing together key stakeholders from the banking and technology sectors, the committee aims to gain insights and recommendations on how to tackle the growing menace of cyber crimes. It is crucial to safeguard the interests of individuals and protect them from fraudulent activities carried out by online operators resorting to various tactics to defraud people of their hard-earned money.
The discussions between the committee and the participating representatives will help establish a comprehensive framework to strengthen cyber security measures and prevent further incidents of cyber crimes. The objective is to create a safe and secure digital environment for individuals and businesses in India.
The outcome of these discussions is anticipated to provide valuable insights and recommendations for policy-makers, regulators, and industry stakeholders to enhance existing cyber security systems and effectively combat cyber crimes. Such collaborative efforts are essential to stay ahead of cyber criminals and protect the interests of users across various digital platforms.
The Parliamentary Standing Committee’s initiative to address cyber security concerns and rising incidents of cyber crimes demonstrates the government’s commitment to ensuring a safe and secure digital ecosystem. By engaging with representatives from banks, tech companies, and other stakeholders, India aims to foster innovation while ensuring the highest standards of data protection and online security.
