PM Modi Advocates for Tougher Cyber Fraud Laws

UV INDIA NEWS: Prime Minister Narendra Modi emphasised the need for stricter regulations in India's financial sector to combat cyber fraud and enhance digital literacy. Speaking at the Global FinTech Fest in Mumbai, Modi highlighted that cyber frauds should not obstruct the growth of India's startups and technology companies.

Modi noted that India reported 117 million cyber fraud cases amounting to ₹7,489 crore in 2023, underscoring the urgent need for action. He stated that the government is committed to implementing policy changes to support the fintech sector, such as withdrawing the angel tax and facilitating innovation through the proposed Digital Personal Data Protection Act.

The prime minister also mentioned recent measures introduced by Finance Minister Nirmala Sitharaman, including an anti-money laundering angel tax in the 2024-25 budget. He stressed the importance of India's fintech ecosystem in promoting a high-quality lifestyle, asserting that the sector is essential for the country's future.

Modi highlighted vital government initiatives like the Pradhan Mantri Jan-Dhan Yojana, which aims to provide universal access to banking and significantly boost digital transactions in India. He praised the Unified Payments Interface (UPI) for democratising financial services, citing a substantial increase in UPI transactions in recent years.

The prime minister also referenced the PM SVANidhi scheme, which supports street vendors by offering collateral-free loans. He noted India's digital finance revolution's positive impact on quality of life and underscored the growing international recognition of India's fintech advancements.