RBI to set up digital payments intel platform after cyber frauds spike over 700%
RBI) Governor, Shaktikanta Das, on Friday announced establishing a digital payments intelligence platform owing to recent surge in bank, digital frauds.
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«Growing instances of digital payment frauds, however, highlight the need for a system-wide approach to prevent and mitigate such frauds. It is, therefore, proposed to establish a digital payments intelligence platform for network level intelligence and real-time data sharing across the digital payments’ ecosystem,» said Das.
«To take this initiative forward, the Reserve Bank has constituted a committee to examine various aspects of setting up the platform,» he further added.
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As per ET bureau sources, the panel will be chaired by Abhaya Hota who played a key role in transforming India into a digital economy as the first chief executive officer of National Payments Corporation of India (NPCI).
Members of the panel would include representatives of NPCI, State Bank of India, HDFC Bank and ICICI Bank.
From the payments industry, Vipin Surelia, head of risk at Visa, Arif Khan, chief innovation officer at Razorpay, Jitendra Gupta, founder of Jupiter, and Pranay Jhaveri, managing director of Euronet, have been appointed as members of this committee, sources told ET Bureau.
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