Govt to enable an insurance framework for electronic wallet transactions

The Government has initiated talks with mobile wallet players and insurance companies to work out a mechanism to enable an insurance framework for electronic wallet transactions.

Also in the offing is notification of forensics labs as registered ‘examiners’ for electronic evidence. IT Ministry is the only registered examiner for cyber crime related evidence.

“The IT Ministry has coordinated 2-3 meetings with insurance firms and mobile wallet players. The core idea is that money in electronic wallet needs to be insured,” an official source said.

Stating that the discussions were close to a “breakthrough”, the source said once the talks reach a conclusion, the rules to enable an insurance framework for mobile wallet transactions will be notified.

In another move, the IT Ministry will also notify forensic labs as ‘examiner’ for cyber crime related evidence.  “At present, the IT Ministry is the only registered examiner for electronic evidence. The idea is to notify 2-3 cyber forensic labs as examiner of electronic evidence, to start with,” the source said.

The IT Ministry’s intention is to have one such lab notified as an “examiner” in every district, over a period of time, they added.