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NPCI CEO Seeks Strong Legal Framework Against Cyber Frauds

6 February 20251 min read
BANKING & FINANCENPCI CEO SeeksStrong LegalFramework AgainstCyber Frauds6 February 2025safalsetu.com

Why in the news

NPCI chief Dilip Asbe stressed that rising digital payment fraud needs a firm legal response, suitable penalties and better customer awareness.

Key facts

  • Asbe wants fitting penalties and more customer awareness.
  • FY25: about 632,000 incidents with losses up to ₹485 crore by September.
  • FY24 alone: 1.34 million fraud cases and ₹1,087 crore in losses.
  • More than 450 million individuals use UPI for retail payments.

Exam angle

  • Person: Dilip Asbe, NPCI CEO.
  • UPI: real-time payment system.

Test yourself

1. Who is the CEO of NPCI who called for a strong legal framework against cyber frauds?

Dilip Asbe is named as the NPCI CEO.

2. Roughly how many people use UPI for retail payments, according to the NPCI CEO?

The notes cite over 450 million UPI users.

3. In FY24, how much was lost in UPI-related fraud cases according to the notes?

1.34 million fraud cases caused ₹1,087 crore losses.

This topic is part of Daily Current Affairs 6 February 2025 (14 topics).

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