"The data of India cannot be stolen and strict action will be taken against any kind of fraud," Prasad said during the Question Hour while responding to Supplementary queries.
He also mentioned that the data on hacking placed before the Upper House is substantially related to financial fraud. The RBI is already looking into cases of frauds involving transaction above Rs one lakh.
"We are working with the RBI to look into frauds involving transaction below Rs one lakh amount," he said.
To a supplementary query on steps taken to curb hacking of data from social networking sites, Prasad said, "Today, India will not bow down to the new imperialism. We took action against Facebook the moment we received the complaint."
A Financial Data Protection bill has been drafted that aims to address all these issue, he said.
The Minister also said there are problems because of uncertainty of cyber world. However, the government conducts security drills and has also set up centres to provide protection.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.