Letters to Editor Send your letters by email to bleditor@thehindu.co.in or by post to ‘Letters to the Editor’, The Hindu Business Line, Kasturi Buildings, 859-860, Anna Salai, Chennai 600002.Digital tweaksThis refers to the report ‘Two-step authentication mandatory for digital payments from April 2026’ (September 26). The much-needed new procedure for conducting digital transfers, which the RBI has planned to enforce from next April, will be a gamechanger in reducing the country’s rising cases of cyber theft, which totalled nearly ₹23,000 crore last year. What makes the initiative notable is that banks may go beyond two-factor authentication and put additional checks if their evaluation of a given transaction demands it.While requiring additional dynamic or biometric authentication for fund transfers can significantly reduce unauthorised access to bank accounts and OTP interceptions, risk-based checks will allow issuers to flag suspicious transactions, assisting in the identification of mule and fraudulent accounts.Given the enormous size of cyber fraud and scammers’ use of inventive strategies to target their victims, a multifaceted strategy is required to protect accountholders.Kamal LaddhaBengaluruPharma pressureThe decision of US President Donald Trump to impose a 100 per cent tariff on branded and patented pharmaceuticals starting October 1, 2025, unless companies set up production in the US has jolted the stocks of Indian pharma majors such as Sun Pharma, Dr Reddy’s and Cipla.As India is the world’s largest producer of generic drugs and supplies nearly 20 per cent of global demand, the immediate impact on India from the pharma tariffs would be limited. However, top pharma companies that have been attempting to move up the value chain with an increasing focus on patents and novel drugs will bear the brunt of this tariff hike.M. JeyaramSholavandan (TN)Changing rulesThe editorial “Blame the rules” (September 26), aptly gauged, the ex-ante induced realisation of new legal provisions, as brought out now; had it been in the place and applied in the Adani issue, the factual position would have altered the decision of the regulator. As well known, the interpretation of the extant laws always decides the strength of the legal matters towards finality and inadequate and deficient rules, could be a lucky escape for the unmerited in some instances.Like the forbearance of judicial proceedings on the legal provisions in some cases, this issue has now pushed the introduction of much refined and qualitative reforms in the RTP transaction guidelines. There is no more uncertainty centred regarding its applicability only among listed entities. Transactions with unrelated parties of promoters has come under the scanner.Sitaram PopuriBengaluruLiquidity trapIt refers to ‘Liquidity trap poses policy challenge’.As RBI has kept the interest rate low, the dangers of a liquidity trap loom as private capex is not increasing.Indian Inc is waiting for its existing capacity to utilise optimally before they take the plunge for the fresh capex investment and for that to happen demand has to increase on a sustainable basis for a decent time period.GST 2.0 has provided a much needed push for consumption, but its sustainability remains to be seen. Till that time government will have to do the heavy lifting.Bal GovindNoidaPublished on September 26, 2025