Decoding the new government's tech agenda: What lies next, in five charts
₹10,000 crore to 129 alternative investment funds since then, aiding fund managers looking at startup investments. On the other hand, startups have raised concerns about the so-called ‘angel tax’, which was introduced in 2012 as a way to prevent money laundering, but has hurting them during the ongoing funding winter. Some startups have also come under scrutiny for their treatment of gig workers.
Balancing innovation, growth, employment and welfare will remain a challenge. An attempt to balance some of these factors came to the fore in the Paytm case earlier this year, when the RBI imposed restrictions on Paytm Payments Bank, which had failed to comply with regulator's norms on KYC and other issues. The tough action also conveyed that the RBI was serious about customer safety, even as digitisation by companies such as Paytm improved convenience.
As digital payments boomed, so has fraud. The value of such fraud jumped five times to ₹1,457 crore in FY24, according to the RBI. The National Cybercrime Reporting Portal recorded over 1.1 million complaints last year.
Some of these were driven by fraudulent mobile apps. The authorities tried improving monitoring, responding faster and educating customers. On Friday, RBI said it is setting up a digital payments intelligence platform to safeguard consumer interest.
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