Harness technology to check digital fraud

Minister of State for Finance Bhagwat K Karad on Tuesday stressed the need to harness technology to curb the rising incidence of fraud in the digital transaction space.

He said the government has launched many schemes, including Pradhan Mantri MUDRA Yojana (PMMY), to fund the unfunded without collateral.

Although the non-performing asset (NPA) level in PMMY is around 22-23 per cent, banks have been sensitised to bring it down by educating borrowers, he said at a virtual event organised by CII.

On the growing fraud, he said, “It is important to control it and we have to take the help of technology in this (respect).”

Talking about the fintech industry, Karad said it is growing rapidly with the help of conducive government policies and the regulatory regime.

Highlighting that India is a leader in adopting financial technology among emerging markets, he said the country had an adoption rate of 87 per cent in March 2020 as compared to the global average of 64 per cent.

With regard to the Pradhan Mantri Jan Dhan Yojana (PMJDY), Karad said the number of accounts opened under this is 43.40 crore and the amount deposited has crossed Rs 1.5 lakh crore.

Fintech has also helped in promoting PMJDY, he added. PTI