About 14,007 Internet fraud cases were registered in 2021, Parliament was informed on Monday.
Quoting the National Crime Records Bureau (NCRB), Minister of State for Finance Bhagwat Karad said “the number of cyber fraud cases involving…fraud committed through online applications is 14,007 in 2021 (the latest published data for the year 2021).
The RBI has issued guidelines on digital lending on September 2, 2022 to ensure the regulatory framework for digital lending and improve customer security and make the digital lending process safer and more transparent, he said in a reply to the Lok Sabha.
A total of 1,062 complaints related to ‘digital lending programs’ received by the RBI Ombudsman Offices (ORBIOs) against REs under the Reserve Bank – Integrated Ombudsman Scheme, 2021 (RB-IOS) were received between April 1, 2022 and March 31, 2023, he said.
The regulatory framework is based on the fact that the lending business can be conducted by organizations that are controlled by them or organizations that are allowed to do so under any other law, he said.
All Regulated Institutions (REs) should follow the guidelines issued for digital lending, he said.
Compliance with these guidelines is reviewed on a case-by-case basis during supervisory review and any non-compliance is taken up for remedial action other than initiating monitoring/enforcement, as appropriate.
The Enforcement Department of RBI has not imposed any monetary penalty on REs for non-compliance with the guidelines on digital lending issued on September 9, 2022.
Responding to another question, Karad said, ‘Depositor Education and Awareness Fund Scheme, 2014’, was introduced by the Reserve Bank of India (RBI), which deals with the customs related to unclaimed deposits and explains the details of the use of funds.
Due to various methods of refunding the unclaimed amount to the owners/complainants, the total amount of Rs. 5,729 crore was transferred from the fund to banks to recover the defaulted funds, in the last five years, he said.
RBI has also launched the ‘100 Days 100 Pays” campaign for banks to investigate and settle the top 100 deposits of every bank in every state of the country within 100 days, from June 1, 2023 to September 8, 2023, he said.