💨 Abstract

The article discusses the rise of faceless banking in India, driven by technological advancements and financial inclusion initiatives like Jan Dhan Yojana. This has dramatically increased the number of bank accounts from 55 crore in 2011 to 300 crore in 2023. However, this shift has led to a surge in digital frauds, with RBI data indicating a 5-fold rise to Rs.1457

Courtesy: theprint.in

Summarized by Einstein Beta 🤖