A Financial Data Protection bill has been drafted that aims to address all these issue, he said.New Delhi:The government is working with Reserve Bank (RBI) to look into cases of financial frauds involving amounts which are below Rs 1 lakh, IT (information technology) Minister Ravi Shankar Prasad said in Rajya Sabha on Friday.
A Financial Data Protection bill has been drafted that aims to address issues related to data theft, including from social networking websites, he also told House.
Presently, RBI along with banks is tracking cases of frauds related to credit, debit and ATM cards and internet banking involving over Rs 1 lakh, he said."The data of India cannot be stolen and strict action will be taken against any kind of fraud," Mr Prasad said during Question Hour while responding to Supplementary queries.
He also mentioned that data on hacking placed before Upper House is substantially related to financial fraud.
The RBI is already looking into cases of frauds involving transaction above Rs 1 lakh."We are working with RBI to look into frauds involving transaction below Rs 1 lakh amount," he said.
To a supplementary query on steps taken to curb hacking of data from social networking sites, Prasad said, "Today, India will not bow down to new imperialism.
We took action against Facebook moment we received complaint." A Financial Data Protection bill has been drafted that aims to address all these issue, he said.
The Minister also said there are problems because of uncertainty of cyber world.
However, government conducts security drills and has also set up centres to provide protection.