RBI to set up Digital Payments Intelligence Platform to check payment frauds – Here’s all you need to know

financialexpress.com:

The Reserve Bank of India (RBI) will set up Digital Payments Intelligence Platform to check growing instances of digital fraud, Governor Shaktikanta Das said on Friday.

The Reserve Bank over the years has taken several measures to deepen digital payment while ensuring safety, he said adding that growing instances of digital fraud highlight the need for a system-wide approach to prevent and mitigate such fraud.

“It is therefore proposed to set up Digital Payments Intelligence Platform for network level intelligence and real time data sharing across the digital payments ecosystem. The RBI has constituted a committee for setting up this platform,” the RBI governor said after announcing the second bi-monthly monetary policy of the ongoing fiscal year.

Commenting on the development, Adhil Shetty, CEO, Bankbazaar.com, said, that the RBI is committed to the safety and security of digital payments, which is essential for maintaining public confidence in these platforms.

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“Minimising fraud is essential to sustaining this trust. Despite the diligent efforts of banks, NPCI, card networks, payment aggregators, and payment apps to protect customers, there is a need for network-level intelligence and real-time data sharing. The RBI’s proposal to establish a Digital Payments Intelligence Platform, leveraging advanced technologies to combat payment fraud, is a significant step forward,” Shetty said.

“We eagerly wait for the recommendations of the committee which will explore the establishment of this platform and provide their insights within the next two months. More clarity is expected in the next few months on how this development unfolds,” he