Digital Economy Current Affairs - 2019
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President Pranab Mukherjee has picked up lucky winners from the 100th draw of lots under the digital payments promotion schemes Lucky Grahak Yojana and Digi Dhan Vyapar Yojana.
Total the six winners were selected — three consumers and three merchants of Lucky Grahak Yojana and Digi Dhan Vyapar Yojana.
The winners will be felicitated by Prime Minister Narendra Modi on April 14 in Nagpur (Maharashtra) on the occasion of Ambedkar Jayanti.
- The winners were identified through a random draw of eligible Transaction IDs by software developed by National Payment Corporation of India (NPCI).
- Consumer section: The first mega prize of Rs. 1 crore went to a customer of Central Bank of India.
- The second prize of Rs. 50 lakh went to Bank of Baroda customer and third prize of Rs. 25 lakh went to customer of Punjab National Bank. Selected customers had done transactions using their RuPay debit cards.
- Merchants Sections: Top three merchants won prizes of Rs.50 lakh, Rs. 25 lakh and Rs. 12 lakh, respectively.
- Lucky Grahak Yojana and Digi Dhan Vyapar Yojana are award based schemes launched by NITI Aayog to encourage consumers and merchants for transition to digital payments in post demonitisation.
- These schemes aim to give cash awards to consumers and merchants who utilize digital payment instruments for personal consumption expenditures.
- National Payment Corporation of India (NPCI) was the implementing agency for these schemes.
- Transactions using USSD, UPI, RuPay and AEPS will only be covered under these schemes. It did not covered digital payments made through credit cards and e-wallets.
- These schemes primarily focused on bringing the poor, lower middle class and small businesses into the digital payment fold and restricted its focus on transactions within the range of Rs 50 and Rs 3000.
- Digi Dhan Vyapar Yojana was for merchants across the country having POS (Point of Sale) machines for undertaking cashless transactions.
The Union Government has announced that total of 29 lakh debit cards were subjected to malware attack in through ATMs that were connected with the switch of Hitachi.
It was announced by Union Minister of State (MoS) for Finance Santosh Kumar Gangwar in a written reply to the Lok Sabha.
The reply mentioned that the malware-induced security breach between May and July 2016 had compromised only 3,291 cards as reported by banks to the RBI.
Measures taken after security breach
- The Hitachi Payment Services (HPS) had appointed SISA Infosec for The Payment Card Industry (PCI) forensic investigation. NPCI had not carried out independent investigation.
- The forensic report suggested that the only ATM infrastructure of HPS was breached and not the POS (point of sale) infrastructure.
- RBI had advised banks to improve and maintain customer awareness and education with regard to cyber security risks.
- RBI also has set up a Cyber Security and IT Examination (CSITE) Cell within its Department of Banking Supervision in 2015.
- The central bank also had issued a comprehensive circular in June 2016 covering best practices pertaining to various aspects of cyber security.
- It had instructions on banks cyber-security framework, asking them to put in place a board-approved cyber security policy, make arrangement for continuous surveillance and prepare a cyber-crisis management plan.
Malware is short form of malicious software. It is any software used to disrupt computer or mobile operations, gain access to private computer systems, gather sensitive information, or display unwanted advertising. Before the term malware was coined by Yisrael Radai in 1990, malware was referred to as computer viruses.