Amid government's stress on digital transactions, Finance Minister Arun Jaitley announced on Wednesday that a Computer Emergency Response Team will be set up to strengthen financial sector's security as it faces trouble due to increasing incidents of cyber frauds.
"Cyber security is critical for safeguarding the integrity and stability of our financial sector. A Computer Emergency Response Team for Financial Sector (CERT-Fin) will be established," Jaitley said in his Budget Speech in the Lok Sabha on Wednesday.
The entity, Jaitley said, will work in close coordination with all financial sector regulators and other stakeholders. In 2016, more than 32 lakh debit cards of various public and private sector banks were compromised. It was one of the biggest cyber frauds related to banks in India.
Post demonetisation, promotion of a digital economy is an integral part of government's strategy to clean the system and weed out corruption and black money.
The Finance Minister also announced that a bill relating to resolution of financial firms will be introduced in theongoing Budget Session of Parliament.
"This will contribute to stability and resilience of our financial system. It will protect the consumers of various financial institutions," Jaitley said. Together with the Insolvency and Bankruptcy Code, aresolution mechanism for financial firms will ensure comprehensiveness of the resolution system in the country, he added.