In a written response to a query in the Lok Sabha, Union Minister of State for Finance, Dr. Bhagwat Kisanrao Karad, affirmed that digital payments have witnessed a substantial surge in recent years, attributing the growth to coordinated efforts by the government in collaboration with various stakeholders.
According to the Minister, the total volume of digital payment transactions has surged from 2,071 crore in FY 2017-18 to an impressive 13,462 crore in FY 2022-23, registering a remarkable Compound Annual Growth Rate (CAGR) of 45 per cent. Notably, the transactions have already surpassed 10,998 crore in the current financial year as of 27 November, 2023.
The government’s initiatives to promote digital transactions include incentive schemes for RuPay Debit cards and low-value BHIM-UPI transactions, advisories to improve payment acceptance infrastructure, and allocation and monitoring of digital payment transactions and merchant acquisition targets to Public and Private Sector Banks.
The Pradhan Mantri Gramin Digital Saksharta Abhiyaan (PMGDISHA) has been initiated to enhance digital literacy in rural India.
Regarding cybercrime prevention, Karad emphasised the collaborative efforts of the central and state governments. States and Union Territories are primarily responsible for preventing, detecting, investigating, and prosecuting crimes, including cyber fraud. The central government supplements these efforts through advisories and financial assistance under various schemes for capacity building.
The minister highlighted steps taken by the central government to strengthen the mechanism to deal with cybercrimes comprehensively. Initiatives include spreading awareness about cybercrime, issuing alerts and advisories, capacity building and training of Law Enforcement Agencies (LEAs), prosecutors, and judicial officers. The Indian Cyber Crime Coordination Centre (I4C) has been established, along with the National Cyber Reporting Portal, to facilitate public reporting of cybercrimes.
Additionally, the Indian Computer Emergency Response Team (CERT-In) is actively working to track and disable phishing websites, issue alerts and advisories, and operate an automated cyber threat exchange platform.
To address customer liabilities in unauthorised or fraudulent electronic transactions, the RBI has issued instructions to banks, outlining criteria for determining limited customer liability in various types of digital transactions.
The comprehensive approach adopted by the government reflects its commitment to driving digital transformation while ensuring cybersecurity and consumer protection in the evolving landscape of digital payments.
