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Informist, Thursday, Apr. 9, 2026

 

NEW DELHI – The finance ministry's Financial Intelligence Unit-India has signed a memorandum of understanding with the home ministry's Indian Cyber Crime Coordination Centre to enhance information sharing and coordination to prepare better to combat cyber fraud and financial crimes. The memorandum of understanding will help both agencies to develop operational information and support investigative agencies to prevent financial crimes, protect digital transactions, and undertake asset recovery.

 

The agreement aims to enable both agencies to establish robust feedback mechanisms to enhance fraud detection protocols at the national level while also facilitating the development and dissemination of guidelines and red-flag indicators to financial institutions to strengthen cyber fraud prevention efforts, the finance ministry said in a release Thursday. "This is a milestone in adopting a 'whole of government' approach toward the fight against cyber-crime," according to the release.

 

Financial Intelligence Unit-India Director Amit Mohan Govil signed the agreement with Indian Cyber Crime Coordination Centre Chief Executive Officer Rajesh Kumar, according to the release. The collaboration comes at a time when India's digital payments ecosystem has undergone a transformation and requires guardrails that safeguard citizens from cyber crime and fraud.

 

Unified Payments Interface transactions in India rose to a record high in March, both in volume and value terms. The transaction volume jumped 24% on year to 22.64 billion. In value terms, the transactions increased 19% on year to INR 29.53 trillion. Meanwhile, cases of Unified Payments Interface fraud increased to 1.63 million, involving INR 12.26 billion, in the financial year 2025-26 (Apr-Mar) as of Mar. 15, from 1.26 million, involving a loss of INR 9.81 billion, in FY25.  End

 

Reported by Krity Ambey

Edited by Rajeev Pai

 

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