The Parliamentary Standing Committee on Finance has taken a proactive step in tackling the growing threat of cyber crimes by summoning representatives from renowned tech giants and banks for a discussion on cyber security. With an increasing number of individuals falling victim to online fraudsters, the committee aims to address these concerns and seek solutions to combat cyber crimes effectively.
Under the leadership of BJP’s Jayant Sinha, the committee has invited representatives from Punjab National Bank (PNB), Bank of India, Yes Bank, and the Indian Computer Emergency Response Team (CERT-In) to provide oral evidence on “cyber security and rising incidence of cyber/white collar crimes” on July 4. Additionally, on the same day, representatives from tech powerhouses One97 Communications (Paytm), Flipkart, Google, and Apple will also meet with the committee to discuss the same issue.
The alarming rise in cyber crimes has prompted the committee to actively engage in finding ways to protect individuals from falling victim to fraudulent schemes orchestrated by online criminals. During a previous meeting held this month, the committee focused on the issue of cyber security and the increasing incidence of cyber crimes. Experts from the industry were questioned by lawmakers on various aspects of unlawful activities, including fraudulent loan applications. The meeting also addressed the pressing concern of fraudulent lending apps, which have garnered attention due to complaints of individuals being swindled or subjected to exorbitant interest rates.
The participants in the earlier meeting included Chase India, Razorpay, PhonePe, CRED, QNu Labs, and Nasscom—the premier trade body and chamber of commerce for the technology industry in India. These discussions shed light on the urgent need for collaborative efforts between regulators, financial institutions, and technology companies to strengthen cyber security measures and protect individuals from falling prey to online scams.
The parliamentary committee comprises esteemed members such as P Chidambaram, Sougata Roy, Sushil Modi, Amar Patnaik, among others, who are committed to addressing the rising threats posed by cyber crimes. By engaging with representatives from leading banks and tech giants, the committee aims to devise robust strategies to safeguard individuals and businesses from cyber threats, fostering a secure digital environment for all.
