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28
December 2016
As
digital payments go up post-demonetisation, the country needs separate digital
payment laws and digital payment courts should be established across India
along with an appropriate legal framework, the CMAI Association of India (CMAI)
said on Wednesday. The Total Investment
& Insurance Solutions
"All
cases of money lost in digital payments may not fall in the category of cyber
thefts or breaches. With proliferation of digital payments across India in big
and small towns, there may be widespread cases of small amounts here and there
throughout the country. There is also need for legal framework for data storage
and data protection," said NK Goyal, President CMAI, during an event. The Total Investment & Insurance
Solutions
The
telecom industry body also urged the government to promote domestic manufacturing
of Point of Sale (PoS) machines and its software development under the
"Make in India" initiative.
Digital
payments have gone up 300 per cent since demonetisation, creating a need to add
20 lakh more PoS machines to the existing 15 lakh machines. The Total Investment & Insurance
Solutions
"When
millions of people are joining digital payments movement daily, safety of data
remains paramount which can be ensured only by pushing indigenous manufacturing
of PoS machines. We cannot depend on foreign manufacturers if we want to make
our economy cashless and all digital economy should also add to Make in
India," Goyal explained. The Total
Investment & Insurance Solutions
"Majority
of PoS machines are currently imported primarily from the US, Europe and China
and, therefore, data security remains a big challenge," Goyal added.
CMAI
also suggested mandatory cyber audit by Reserve Bank of India or Cyber Command
Group at regular intervals. The Total Investment
& Insurance Solutions
The
telecom industry body called for an appropriate and robust mechanism to report
losses and recovery of money lost, theft or frauds in digital payments and
requested for an institutionalised policy for redressal of complaints of
citizens with regard to digital payments.
According
to the CMAI, an immediate action plan for the projected five lakh cyber experts
was needed as per the cyber policy.The
Total Investment & Insurance Solutions
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