fraudsters that would make information accessible in real time to all the banks to prevent digital frauds and provide faster resolution of such issues, people familiar with the development said.
They have initiated discussions with the Reserve Bank on the proposed portal, they said.
A senior bank executive aware of the developments said the portal will help lenders connect seamlessly on such fraud cases and stop and trace funds being transferred from one account to multiple accounts.
«In most cases of digital fraud, money is transferred into multiple accounts spread across various banks and financial entities. This becomes too difficult to trace at times, leading to delays.
The portal will put an end to these issues,» he said, adding that deliberations are on to find synchronisation between Online Dispute Resolution (ODR) by RBI and Unified Dispute and Issue Resolution (UDIR) provided by the National Payments Corporation of India.
During 2022-23, public sector banks reported 3,405 frauds involving ₹21,125 crore, while private banks reported 8,932 cases involving ₹8,727 crore. This is for cases of fraud involving ₹1 lakh and above.
Another bank executive said that a standard operating procedure, or SOP, is being prepared as per the RBI's direction to ensure that unauthorised transactions are stopped mid-way and an effective, robust system is put in place.
«If all stakeholders are following the same process, it will be faster to address such fraudulent transactions,» he said, adding that such processes will have clearly defined roles for the remitter and beneficiary bank to prevent further downstream flow of the victim's funds.
«Also, it will cover the process to be followed in refunding victims' funds and transactions in