Page 15 - Banking Finance April 2016
P. 15
ROUNDUP
In poll-bound Uttar Pradesh, SP govt serves up a popu- Identity Theft is the larg-
list budget est contributor to Fraud
in India
In a clear move to claim political advan- Rs.49,960 crore or 4.04% of gross state
tage ahead of the crucial assembly elec- domestic product. Experian India has launched the
tions next year, the Samajwadi govern- 'Fraud Report 2016' showcasing the
ment in Uttar Pradesh has made farm- The government also sought to woo fraud trends in the banking and fi-
ers and youth the central focus of the the youth, a significant segment of the nancial services industry. This first
state budget for 2016-17. electorate in the state with the larg- edition of the report analyses trends
est number of young in the country, by for the period between Q1 2014 to
"The budget declares the year 2016-17 promising self-employment incentives. Q1 2015 and assigns them into four
for farmers and the youth. main categories which are -inci-
The government has decided "To help youth gain employ- dences arising from fraudulent con-
to implement the largest so- ment, the Samajwadi Youth tact information, fraudulent organi-
cial security scheme- Employment Scheme is being zation, identity theft or fictitious
Samajwadi Pension. Ar- brought in. The Samajwadi identity and repeated attempts from
rangement has been done Yuva Swarozgaar Yojna already identified individuals.
to transfer pension in bank aimed at helping youth set In India identity theft accounts for 77
accounts of 45 lakh women up own businesses is being per cent of the fraud cases in Q1
from poor families. We have proposed introduced in the small indus- 2015. Amongst various financial
to increase the target from 45 lakh to tries sector," Yadav added. products, auto loans, mortgage
55 lakh," chief minister Akhilesh Yadav, loans and credit cards have seen the
who holds the finance portfolio, said in Taking a series of steps for rural areas, largest number of fraud cases from
his budget speech. the state has announced Rs.630 crore identity theft represented by 85 per
under the Samagra Gram Vikas Yojna cent of the total detected frauds in
The state has targeted expenditure at for building roads and bridges and Q1 2015.
Rs.3.46 trillion with a fiscal deficit of Rs.2,300 crore for drinking water facili- The Experian report highlights that
ties in villages. falsification of address proof is the
most popular behavior seen amongst
18 lakh enrolled in 8 months under PMKVY fraudsters, and hiding of adverse
credit is the most common behavior
Rajiv Pratap Rudy, Minister of State for across 29 states reaching out to many especially in the automotive loan
Skill Development and Entrepreneur- of those who needed a direction with category followed by mortgage
ship (Independent Charge) and Parlia- regard to employability and employ- fraud. In case of mortgage loans, it
mentary Affairs, an- has been seen that fraudsters also
nounced that more ment," the Minister have used false employment status
than 50% of his skill added. to avail the loan.
budget will be focused
towards focusing on To further ensure in-
job roles related to ru- crease in capacity and
ral area. scope of skill develop-
ment, the Ministry of
While spelling out his ministry's Skill Development will
achievements, he stated that 18 lakh be also ensuring creation of 1500 Multi
youth have already enrolled in the Skill Training Institutes (MSTIs) which
Pradhan Mantri Kaushal Vikas Yojana will basically be the new generation
(PMKVY) over the last 8 months which ITIs set up in PPP mode. So far there
reflects the relevance for skills that his have just been had standalone govern-
ministry and partner have been able to ment or private ITIs. These will be set
set for the country's youth. up in those 2500 blocks and districts of
the country which are yet to focus on
"We had conducted 410 kaushal melas skill development and do not have ITIs.
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