Finance Ministry takes steps to crack down on financial fraud petek, August 14, 2024 The Ministry of Finance recently banned Bank of Baroda’s World app after a series of incidents, including a scam. This is one of the steps the government has taken as part of a campaign to combat cybercrime. The government has convened a meeting to discuss these issues, following the recent actions by RBIThe Times of India reported. The Ministry of Finance has ordered banks and financial institutions to strictly enforce the know your customer (KYC) process when onboarding new businesses, as per the report. This applies particularly to business correspondents as they are more vulnerable to security breaches. The … Continue Reading