IIT professors apprise par panel of cyber threats on digital payments

Two professors from IIT-Kanpur today apprised a parliamentary panel of cyber threats related to digital payments that have gained traction following demonetisation, said sources.

The Parliamentary Standing Committee on Finance, headed by senior Congress leader and former Union Minister M Veerappa Moily, also discussed ways to deal with cyber threats and roadmap.

It was the last meeting of the Committee that concluded all evidences regarding government's last November decision to scrap high denomination currency.

"The Committee is likely to finalise the report by August 31," sources said.

The report will be tabled in Parliament.

The IIT faculty made presentation on cyber risks associated with digital payments and suggested measures to deal with them.

The Committee had already taken views of RBI Governor Urjit Patel and senior officials of the finance ministry on the government's decision to scrap old Rs 500/1000 notes on November 9 last year.

The move had led to immediate shortage of currency in the system leading to long queues at banks and ATMs all over the country. However, the situation improved after the RBI pumped in new Rs 500 and also Rs 2,000 notes into the system.