The government is working with the Reserve Bank to look into cases of financial frauds involving amounts which are below Rs 1 lakh, IT Minister Ravi Shankar Prasad said in Rajya Sabha on Friday.

A Financial Data Protection Bill has been drafted that aims to address issues related to data theft, including from social networking websites, the minister also told the House.

Till September of this fiscal, about 921 cases of frauds amounting Rs 40.34 crore involving ATM/debit cards, credit cards and internet banking frauds were reported.In the previous fiscal, 2,059 cases of fraud involving Rs 109.56 crore were reported, Prasad said citing the data provided by the RBI.

“The data of India cannot be stolen and strict action will be taken against any kind of fraud,” Prasad said during the Question Hour while responding to Supplementary queries.He also mentioned that the data on hacking placed before the Upper House is substantially related to financial fraud.

The RBI is already looking into cases of frauds involving transaction of above Rs one lakh.“We are working with the RBI to look into frauds involving transaction below Rs one lakh amount,” he said.

In view of the “dynamic nature of information and technology and emerging cyber threats, continuous efforts are required to be made by owners and users to protect networks and data by way of deploying appropriate security controls,” he added.

To a supplementary query on steps taken to curb hacking of data from social networking sites, Prasad said, “Today, India will not bow down to the new imperialism. We took action against Facebook the moment we received the complaint.” A Financial Data Protection Bill has been drafted that aims to address all these issue, he said.