Minister of State for Finance Shiv Pratap Shukla told the Lok Sabha, in a written reply, that the Reserve Bank of India's (RBI) "Fraud Monitoring Reports" showed that an "amount lost on account of frauds during 2016-17 was Rs 16,789 crore".
On the question about the impact of cyber crimes on the banking system and the ways to combat it, he said: "An inter-disciplinary Standing Committee on Cyber Security has been constituted by RBI, comprising, inter alia, of academia, information security audit or forensic or cybersecurity experts."
"The committee reviews, inter alia, threats inherent in the existing or emerging technology, and suggests appropriate policy interventions to strengthen cybersecurity and resilience framework in the banking system."
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
Doraiah Chowdary Vundavally is a Software engineer at VTech . He is the news editor of SocialNews.XYZ and Freelance writer-contributes Telugu and English Columns on Films, Politics, and Gossips. He is the primary contributor for South Cinema Section of SocialNews.XYZ. His mission is to help to develop SocialNews.XYZ into a News website that has no bias or judgement towards any.
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