"As per information furnished by Reserve Bank of India there were 1,590 cases of credit card frauds involving an amount of Rs 948.64 lakh during the quarter ended December 2012 as compared to 1,327 cases involving an amount of Rs 492.98 lakh (Rs 4.92 million) in the quarter ended September 2012," Minister of State for Finance Namo Narain Meena said in a written reply to Rajya Sabha.
He said RBI has taken various measures to prevent such frauds and has issued various guidelines from time to time.
RBI has advised banks to set up internal control systems to combat frauds, take pro-active measures, ensure credit card operations
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