RBI to set up Digital Payments Intelligence platform to prevent cyber frauds

According to the central bank's recent report, digital payment frauds in the country saw an over five-fold jump to Rs 1,457 crore in the fiscal year ended March 2024 as compared to the previous year.
Reserve Bank of India
Reserve Bank of India File photo | PTI

BENGALURU: Highlighting the need for a system-wide approach to prevent and mitigate digital payments frauds, the Reserve Bank of India on Friday proposed to establish a Digital Payments Intelligence platform. This is for network level intelligence and real-time data sharing across the digital payments ecosystem. The central bank has constituted a committee to examine various aspects of setting up the platform.

According to the central bank's recent report, digital payment frauds in the country saw an over five-fold jump to Rs 1,457 crore in the fiscal year ended March 2024 as compared to the previous year.

Governor Shaktikanta Das said the RBI has taken a number of measures over the years to deepen digital payments while ensuring their safety and security.

Since the adoption of e-mandates for recurring payment transactions has been increasing, the central bank also proposed to include recurring payments in the e-mandate framework. This will enable customers to automatically replenish the balances in Fastag, NCMC, etc. if the balance goes below the threshold limit set by them.

"This will enhance convenience in making travel/mobility-related payments," he said.

In order to encourage wider adoption of UPI Lite, the RBI also proposed to bring it under the e-mandate framework by introducing a facility for customers to automatically replenish their UPI Lite wallets if the balance goes below the threshold limit set by them. UPI Lite was introduced in September 2022 to enable small value payments in a quick and seamless manner through an on-device wallet.

Reserve Bank of India
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