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Rs 1,200 Crore Worth Of Digital Transactions Carried Out Annually, Says Government

Rs 1,200 Crore Worth Of Digital Transactions Carried Out Annually, Says Government


  1. Percentage of fraudulent transactions between 0.005 and 0.007 per cent
  2. Fraudulent transactions came down to 13,653 from 16,468, in 2017
  3. Government taking several steps to secure digital transactions
New Delhi: There were around Rs 1,200 crore worth of digital transactions every year and the number of fraudulent transactions among these was low, government said in Rajya Sabha. Minister for Electronics and Information Technology Ravi Shankar Prasad said for prepaid payments including e-wallets, Reserve Bank of India (RBI) has started maintaining provisional data of fraudulent transactions.

According to the data for March, April and May 2017, the number of fraudulent transactions is between 0.005 per cent and 0.007 per cent of the total number of transactions, said Mr Prasad during Question Hour.

Prasad also said the government was considering the suggestions made by a committee headed by Andhra Pradesh Chief Minister N Chandrababu Naidu on digital transactions. Earlier, a member had sought to know whether the government planned to implement the recommendation by the committee for including a provision of insurance cover for digital transaction frauds. According to the details given by the minister, the number of cases of fraud involving credit cards, ATM/Debit cards and internet banking during 2015-16 was 16,468 and 13,653 in 2016-17.

As per incidents reported to the Indian Computer Emergency Response Team (CERT-in), 40 phishing incidents affecting 19 financial organisations and 10 incidents affecting ATMs, Point of Sales (POS) systems and Unified Payment Interface (UPS) have been reported during November 2016 to June 2017. He said the government is taking several steps to secure digital payments. 

Also Read: Digital Transactions Rising In Unorganised Sector: NITI Aayog


(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

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About The Campaign

About The Campaign

NDTV along with MasterCard is launching a multi-platform campaign “Cashless Bano India”, to create digital awareness and educate the masses about digital payment solutions for day to day transactions.

The campaign aims to take the message of a cash free India to the country, all while educating them on the ways and means to do it.

We aim to reach out to people and educate them on:

1). Digital and financial literacy

2). New generation digital payment solutions

3). Enabling merchants and consumers to understand and adopt secured and safe payment Solutions

4). Ease of usage at point of sales