Senior representatives of Google, Apple, Flipkart, Paytm, Yes Bank, Punjab National Bank, Bank of India, and the Indian Computer Emergency Response Team (CERT) have been called before the Parliamentary Standing Committee on Finance today at 2:00 p.m. to discuss “Cybersecurity and the rising incidence of cyber/white collar crimes.”
Representatives of the organisations will offer oral testimony to the committee at the hearing, which will take place today in Parliament House Annexe Extension. Senior bank executives have been urged to make thorough presentations on steps to prevent cyber threats and improve cybersecurity across the nation.
At a panel discussion earlier this month, MPs grilled industry professionals on many aspects of illegal activities, including loan application fraud, with a focus on cybersecurity and the rise in cybercrime. Participating companies included Chase India, Razorpay, PhonePe, CRED, and QNu Labs, as well as Nasscom, the country’s trade association and chamber of commerce for the tech sector. The discussion also covered the problem of fraudulent lending apps.
The chairman of the Standing Committee on Finance is Jayant Sinha, a member of the Lok Sabha.
The Committee, which has 31 members, is made up of 10 Rajya Sabha members and 21 Lok Sabha members.
The government earlier this month prohibited 232 apps run by foreign companies, including Chinese ones, for engaging in betting, gaming, and unlicensed loan services.
138 apps that engaged in betting, gambling, and money laundering, as well as 94 apps that provided unauthorised loans, were barred because they posed a risk to the nation’s economic stability.
This year’s monsoon session of Parliament will start on July 20 and last till August 11.