Legal Framework of Cybercrimes against E-Banking in India
Reena Roy, Anil Kumar Dixit · 2024
The Indian banking sector plays a vital role in the economy by meeting the credit requirements of all persons. The present study focuses on information technology, which plays a vital instrument in Indian banks, augmenting services and introducing a fresh perspective on business. E-banking has various advantages, including the convenience of banking at any time and from any location, enabling clients to access their accounts without being concerned about bank operating hours or lengthy waits. Nevertheless, e-banking also poses issues, prompting the implementation of the 2000 IT Act to safeguard against cybercrimes such as banking phishing, network scanning, virus dissemination, spam, website compromise, and malware proliferation. Nevertheless, cybercrimes continue to pose a substantial challenge in India due to the insufficiency of existing legislative frameworks in effectively regulating and addressing issues faced by both clients and banks. The Indian banking industry cannot escape electronic banking transactions in the current context; however, since cybercrime is a more serious transgression than traditional crimes, the present study’s recommendations will be helpful for policymakers and legal professionals.