Curbing digital frauds

This refers to ‘Remedies for digital payment frauds’ (May 7). The exponential growth of the digital payments ecosystem necessitates the robust development of digital literacy among vulnerable consumers, to prevent them from becoming prey to fraudsters. Despite the precautions, the RBI has reported frauds amounting to ₹34,771 crore for 2024-25, hitting the confidence of customers and other stakeholders of banks. Banks need to recognise the potential accounts that are deficient in compliance with KYC norms, dormant, account holders having meagre financial and digital literacy and accounts of senior citizens and execute necessary measures, including preventive ones to deter possible frauds.

Irrespective of the size of the amount involved in fraud, it is essential to investigate to bring the culprit to book and spread the message that banks are vigilant in protecting customer interests.

VSK Pillai

Changanacherry (Kerala)

Restore trust

This refers to the report ‘Markets recover as crude oil cools on W. Asia peace hope’ (May 7).

Trump’s war has, in addition to disturbing world peace and killing innocent civilians, caused havoc to the trust common man had in savings instruments like equities and sovereign securities.

People have diversified investments from savings and slowly a pattern of investing in multiple avenues is developing.

The recent crash of equity market has shaken the growing trust of investors. If the trust is not restored, panic responses will destroy the institution of stock market built over time.

MG Warrier

Mumbai

Balanced crop cultivation

Apropos “APEDA to hold Basmati survey on 4 mn hectares” (May 7). While reduction in cultivation area of Basmati rice to half (may be due to west Asia crisis) is alarming and needs debate to prevent asymmetric foodgrain production in general.

The call given at the national seminar organized by ICAR at GKVK campus in Bengaluru advocating higher pulses production too must be reviewed to bring a balance between need based and climate based foodgrain production failing which farmers may take their own non-diligent decision in selecting crops leading to severe price glut, where the farmers would be the lone sufferers.

Rajiv Magal

Halekere Village (Karnataka)

Published on May 7, 2026