GET Stock QuotesNews18 APP
News18 English
Powered by cricketnext logo
»
1-min read

Union Budget 2017: Computer Emergency Response Team Proposed to Check Cyber Frauds

Amid government's push on digital transactions, Finance Minister Arun Jaitley on Wednesday announced setting up of a Computer Emergency Response Team to strengthen security of the financial sector amid increasing incidents of cyber frauds.

Press Trust Of India

Updated:February 1, 2017, 3:10 PM IST
facebookTwittergoogleskypewhatsapp
Union Budget 2017: Computer Emergency Response Team Proposed to Check Cyber Frauds
(Image only for representational purpose)

New Delhi: Amid government's push on digital transactions, Finance Minister Arun Jaitley on Wednesday announced setting up of a Computer Emergency Response Team to strengthen security of the financial sector amid increasing incidents of cyber frauds.

"Cyber security is critical for safeguarding the integrity and stability of our financial sector. A Computer Emergency Response Team for Financial Sector (CERT-Fin) will be established," Jaitley said in his Budget Speech in the Lok Sabha on Wednesday.

The entity, Jaitley said, will work in close coordination with all financial sector regulators and other stakeholders.

Last year, more than 32 lakh debit cards of various public and private sector banks were compromised. It was one of the biggest cyber frauds related to banks in India.

Post demonetisation, promotion of a digital economy is an integral part of government's strategy to clean the system and weed out corruption and black money.

The Finance Minister also announced that a bill relating to resolution of financial firms will be introduced in the ongoing Budget Session of Parliament. "This will contribute to stability and resilience of our financial system. It will protect the consumers of various financial institutions," Jaitley said.

Together with the Insolvency and Bankruptcy Code, a resolution mechanism for financial firms will ensure comprehensiveness of the resolution system in the country, he added.

Read full article
Next Story
facebookTwittergoogleskypewhatsapp
Most Active
Company Price Change %Gain
HDFC Life 344.40 +54.40 +18.76
SBI 337.50 +4.10 +1.23
HDFC 1,705.50 +41.10 +2.47
ICICI Bank 325.10 +6.15 +1.93
Bank of Baroda 183.55 +0.75 +0.41
Company Price Change %Gain
HDFC Life 343.70 +53.70 +18.52
ICICI Bank 325.10 +5.95 +1.86
SBI 337.40 +3.95 +1.18
Rain Industries 329.75 -17.35 -5.00
PNB 190.70 +1.25 +0.66
Top Gainers
Company Price Change %Gain
Tata Power 88.95 +4.15 +4.89
Cipla 608.55 +15.70 +2.65
HDFC 1,705.50 +41.10 +2.47
Maruti Suzuki 8,348.35 +184.65 +2.26
Tata Steel 701.20 +14.85 +2.16
Company Price Change %Gain
Cipla 608.65 +15.65 +2.64
HDFC 1,701.00 +37.05 +2.23
Maruti Suzuki 8,340.70 +175.20 +2.15
Tata Steel 701.35 +14.70 +2.14
Tata Motors 421.45 +7.95 +1.92
Top Losers
Company Price Change %Gain
Tech Mahindra 484.55 -15.35 -3.07
Infosys 970.95 -17.45 -1.77
Bosch 18,965.90 -292.55 -1.52
TCS 2,707.30 -39.35 -1.43
HCL Tech 840.00 -11.90 -1.40
Company Price Change %Gain
Infosys 970.95 -17.65 -1.79
TCS 2,710.10 -36.50 -1.33
ONGC 177.50 -1.85 -1.03
Wipro 294.75 -2.90 -0.97
Asian Paints 1,171.10 -8.95 -0.76

Live TV