{"id":4755,"date":"2024-05-01T23:08:27","date_gmt":"2024-05-01T17:38:27","guid":{"rendered":"https:\/\/matribhumisamachar.com\/en\/?p=4755"},"modified":"2024-05-01T23:08:27","modified_gmt":"2024-05-01T17:38:27","slug":"dfs-secretary-dr-vivek-joshi-chairs-a-half-day-workshop-with-law-enforcement-agencies-leas-and-start-ups-and-fintech-ecosystem-partners","status":"publish","type":"post","link":"https:\/\/matribhumisamachar.com\/en\/2024\/05\/01\/dfs-secretary-dr-vivek-joshi-chairs-a-half-day-workshop-with-law-enforcement-agencies-leas-and-start-ups-and-fintech-ecosystem-partners\/","title":{"rendered":"DFS Secretary Dr. Vivek Joshi chairs a half-day workshop with Law Enforcement Agencies (LEAs) and Start-ups and Fintech ecosystem partners"},"content":{"rendered":"<p style=\"text-align: justify;\">The Department of Financial Services (DFS), Ministry of Finance and\u00a0Indian Cyber Crime Coordination Centre (I4C), Ministry of Home Affairs, jointly\u00a0organised a half-day workshop with Law Enforcement Agencies (LEAs) and Start-ups and Fintech ecosystem partners, in New Delhi, today. \u00a0The workshop was conducted in continuation of the last interaction of Union Finance Minister Smt.\u00a0Nirmala Sitharaman\u00a0with the Start-up and Fintech companies on 26<sup>th<\/sup>\u00a0February 2024.<\/p>\n<p style=\"text-align: justify;\"><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/static.pib.gov.in\/WriteReadData\/userfiles\/image\/image001NZOD.jpg\" \/><\/p>\n<p style=\"text-align: justify;\">The interactive workshop was organised to foster strong collaboration between Fintechs and LEAs to encourage innovations, ensuring due compliance of extant rules and regulations, addressing key challenges such as cybersecurity, digital financial frauds etc., and more importantly building confidence and trust among the ecosystem partners.<\/p>\n<p style=\"text-align: justify;\">Addressing the audience,\u00a0DFS Secretary Dr. Vivek Joshi emphasised the contributions made by the Start-ups and Fintechs to India&#8217;s high and sustained economic growth.\u00a0Dr. Joshi urged for greater collaboration among the government, regulator, public and the private sector to harness the full potential of Start-up and Fintech sector in India. He emphasised that Fintechs are more technology and innovation oriented, and they draw the traction of the regulators and LEAs when they grow their businesses over a period of time.<\/p>\n<p style=\"text-align: justify;\"><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/static.pib.gov.in\/WriteReadData\/userfiles\/image\/image002T65K.jpg\" \/><\/p>\n<p style=\"text-align: justify;\">While the Fintech Associations presented the operational modalities and key challenges faced by the Fintech companies, the LEAs from the States shared their best practices on curbing cybercrime and financial frauds.<\/p>\n<p style=\"text-align: justify;\">I4C, highlighted about Mule Accounts, ATM hotspots, Hotspot Branches, Fintech Merchant abuse etc. through its Citizen Financial Cyber Frauds Reporting and Management System (CFCFRMS). It was emphasised that an indigenous transaction monitoring and Anti-Money Laundering (AML) system catering to Indian fraud and crime scenario may be developed by the Fintech companies.<\/p>\n<p style=\"text-align: justify;\">Following points were deliberated during the proceedings of the workshop:<\/p>\n<ul style=\"text-align: justify;\">\n<li>Role of technology in providing accessibility to financial services<\/li>\n<li>Strategy to control the money mules<\/li>\n<li>Appointment of key contact point or nodal officer by the Fintech companies to liaise with the LEAs<\/li>\n<li>Real-time monitoring of data infringement by both the Fintech companies and LEAs<\/li>\n<li>Geotagging of digital transactions to track the money trails<\/li>\n<li>Creation of suspicious registry of BCs and fraudsters involved in the financial frauds<\/li>\n<li>Conducting regular audits of digital KYC for fostering trust and accountability<\/li>\n<li>Establishing a mechanism for freezing and unfreezing of accounts for faster recovery of defrauded money<\/li>\n<li>Devising a mechanism to ensure data privacy and prevention of data theft<\/li>\n<li>Modernisation of digital infrastructure by leveraging technologies like IPv6, API integration etc.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">The insights focused on emerging trends of cybercrime and financial frauds were provided by Gujarat, Haryana, and Uttarakhand State Police Departments along with I4C. The workshop ended with a panel discussion comprising of LEAs for prevention and mitigation of cybercrime and financial frauds.<\/p>\n<p style=\"text-align: justify;\">The workshop was attended by the Founders\/ Co-founders\/ Heads of around 60 Fintech companies, four Fintech Associations, 23 State\u2019s Police Departments, CBI, ED, FIU-Ind and the Central Government Ministries\/ Departments, Regulators and other agencies concerned such as Ministry of Electronics and Information Technology (MeitY), Department of Telecommunications (DoT), Department for Promotion of Industry and Internal Trade (DPIIT), Reserve Bank of India (RBI), Pension Fund Regulatory and Development Authority (PFRDA), Central Registry of Securitisation Asset Reconstruction and Security Interest (CERSAI), National Payments Corporation of India (NPCI), Business Correspondent Federation of India (BCFI), and I4C etc.<\/p>\n<p style=\"text-align: justify;\"><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/static.pib.gov.in\/WriteReadData\/userfiles\/image\/image003V5RF.jpg\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Department of Financial Services (DFS), Ministry of Finance and\u00a0Indian Cyber Crime Coordination Centre (I4C), Ministry of Home Affairs, jointly\u00a0organised a half-day workshop with Law Enforcement Agencies (LEAs) and Start-ups and Fintech ecosystem partners, in New Delhi, today. \u00a0The workshop was conducted in continuation of the last interaction of Union Finance Minister Smt.\u00a0Nirmala Sitharaman\u00a0with the &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[2211,2214,2212,2213],"class_list":["post-4755","post","type-post","status-publish","format-standard","","category-business-english-news","tag-department-of-financial-services","tag-fintech-ecosystem-partners","tag-law-enforcement-agencies","tag-start-ups"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.8.1 - 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