New Delhi: At the hindsight of the Monetary Policy Committee (MPC) meet on Friday, June 07, 2024, Reserve Bank of India (RBI) Governor Shaktikanta Das said that the apex bank has proposed to launch a Digital Payments Intelligence Platform to curb rising cases of digital payments fraud in the country. Das said there is a need for system-wide approach to tackle the increasing rising digital payment fraud cases. And here is where the intelligence payment system will come into place.
“The Reserve Bank has taken a number of measures over the years to deepen digital payments while ensuring their safety and security, and these measures have boosted consumer confidence,” Das said.
The RBI Governor proposed to “establish a Digital Payments Intelligence Platform for network level intelligence and real-time data sharing across the digital payments’ ecosystem.”
Das further informed that the RBI will set up a committee that will work to establish the digital payment system. He said, “To take this initiative forward, the Reserve Bank has constituted a committee to examine various aspects of setting up the Platform.”
The RBI Governor also said that the intelligence platform will help deepen the digital payment ecosystem in the country. Giving more information, he said, the platform will have network level intelligence and real-time data across the digital payments ecosystem of the country will be shared on the platform.
According to the RBI’s annual report as released on May 30, 2024, the number of financial fraud cases reported by banks has significantly jumped 166 per cent year-on-year (YoY) to 36,075 in financial year 2023-24 (FY24) from 13,564 cases in the preceding fiscal. Due to these banking fraud cases, people were duped of a total of Rs 13,930 crore in FY24.
While, the Government of India’s initiative to deal with cyber crime in the country, the Indian Cybercrime Coordination Centre (I4C) had revealed in a report that in the last three years, citizens were cheated of a staggering Rs 1.25 lakh crore in all the digital financial fraud cases that had taken place in the country.
The Reserve Bank of India RBI, Governor, Shaktikanta Das acknowledged that to curb India’s rising digital fraud cases, there was a need for a national level intelligence payment system that would keep track of all digital payments across the transactions landscape in the country. Economy Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
