Some key points that had been mentioned in a workshop held by the finance ministry on Tuesday included the creation of a suspicious registry of banking correspondents and fraudsters concerned in monetary fraud and the geotagging of digital transactions to trace the cash trails.
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In a press release, the finance ministry acknowledged in the course of the deliberations it was steered that an indigenous transaction monitoring and anti-money laundering (AML) system catering to Indian fraud and crime eventualities could also be developed by fintech corporations.
The opposite points deliberated embrace conducting common audits of digital KYC to foster belief and accountability, establishing a mechanism for freezing and unfreezing accounts for quicker restoration of defrauded cash, and creating a creating a method to manage the cash mules.
The half-day workshop was attended by heads of round 60 fintech corporations, 4 fintech associations, and officers from different ministers and regulators, together with the Reserve Financial institution of India, the assertion famous.
“The interactive workshop was organised to foster robust collaboration between fintechs and LEAs to encourage improvements, guarantee due compliance with current guidelines and rules, tackle key challenges reminiscent of cybersecurity and digital monetary fraud, and, extra importantly, construct confidence and belief among the many ecosystem companions,” it stated within the assertion.
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In February 2024, finance minister Nirmala Sitharaman chaired a gathering with start-up and fintech ecosystem entities and requested regulators to carry month-to-month conferences with startups and fintech companies to handle their points and considerations. After that assembly it was determined that
that points pertaining to cybercrime will probably be suitably addressed within the new Digital India Act.
The variety of start-ups in India has grown considerably from simply over 300 in 2016 to over 1.17 lakh in 2023, as recognised by DPIIT, producing greater than 12.4 lakh jobs, and 47% of the start-ups have at the least one feminine director. Moreover, India is residence to over 10,000 fintech corporations working in various sectors and segments.
