Mumbai : With instances of online financial frauds on the rise, Reserve Bank Governor Raghuram Rajan today mooted the idea of using the social media by the regulator as a tool to pick-up wrongdoings.

“Can we enlist social media in enabling the public to identify fraud and can we as regulators filter that information in careful and responsible way so that we can collect information about what is happening and react to it?” Rajan posed the question while speaking at the annual Nasscom leadership conference.

Rajan conceded that quite a lot of e-mails bearing his or the RBI’s name and asking for personal details to give out some “prizes” are doing the rounds, and assured all that the RBI does not ask for any such data.

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