Digital transactions surge to Rs.2,070 crore in FY 2017-18

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The government stated that digital transactions during the fiscal year 2017-18 have surged to Rs.2,070.98 crore, up nearly 8-fold from Rs.220 crore during the fiscal year 2013-14. This is considered to be a major boost to the government’s ‘Digital India’ initiative. This information was revealed by the Minister of State for Information & Technology (IT) in a reply to a question during yesterday’s Lok Sabha question.

digital transactions

For the fiscal year 2018-19, the government has set a target of Rs.3,013 crore in digital transactions. The minister noted that the government is working with various stakeholders including state governments, payment service providers, banks, and smart cities in a bid to boost digital transactions even further. To monitor and evaluate the efficiency of various lenders, the Ministry of Electronics and IT uses a bank ranking system and a performance scorecard system.

The minister also noted that the number of fraud cases has not increased even though the number of digital transactions increased multiple times. According to the information released by the National Crime Records Bureau (NCRB), only 26 cases were filed under credit or debit card frauds in the year 2016. The cases filed in 2014 and 2015 are 10 and 18 respectively.

The data released by the Reserve Bank of India revealed the number of total frauds to be 1,191 during the fiscal year 2015-16. The total amount of money involved in frauds stood at Rs.40.20 crore during the same year. Instances of frauds increased in the subsequent fiscal years to 1,372 and 2,488 in fiscal years 2016-17 and 2017-18 respectively.

With the increase in digitalisation across the country, the government is taking steps to ensure cybersecurity and prevent fraud. In a separate reply, the minister noted that instant messaging application WhatsApp has been asked to share its information regarding fake news circulated in its platform.

Source: Financial Express

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