Srinagar: As India’s digital payments system is growing and corresponding frauds are also piling up, the Reserve Bank of India (RBI) is planning to set up a digital payments intelligence platform for sharing data on a real-time basis across digital platforms to safeguard consumers’ interests.
Digital payment fraud has witnessed a sharp jump of more than fivefold to a record ₹1,457 crore in the fiscal year ended March 2024, according to the RBI annual report.
The proposed network-level intelligence platform will boost consumer confidence, said RBI in its bi-monthly Monetary Policy Statement released on Friday.
The central bank has taken a number of measures over the years to deepen digital payments while ensuring their safety and security.
Growing instances of digital payment frauds, however, highlight the need for a system-wide approach to prevent and mitigate such frauds, said Shaktikanta Das, Governor, RBI.
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.
To take this initiative forward, the Reserve Bank has constituted a committee to examine various aspects of setting up the platform, he said.
