NEWS & ADVICE : CREDIT CARDS
FinMin favors net banking, transactions via debit, credit cards
By Ankit Sharma
Dec 14, 2012
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Finance Minster P. Chidambaram has said that the government will support the increased use of net banking and would like customers to carry out banking transactions through debit and credit cards. This is inspite of the huge hike in cases of cyber fraud as these transactions are always recorded and thus leave an audit trail.

He explained that frauds pertaining to net banking and misuse of plastic cards (like debit or credit cards) form a small part of all such transactions across the country.

He said, "There is no proposal to discourage use of net banking and debit and credit cards. In fact, we must encourage it as such transactions are recorded and leave an audit trail."

He further added that "RBI is vigilant in the matter...banks have been asked to be vigilant." He also mentioned that investigations will be carried out in every such case of banking fraud and that the miscreants will be brought to justice. On the matter, he also said that with the development in technology, fraudsters find out new ways of cheating but, "we must be one step ahead of fraudsters."


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