RBI to develop new digital platform to monitor risks of payment fraud
Domestic payment fraud increased from Rs 1,526 crore to Rs 2,604 crore over the six-month period ending in March 2024, a 70.64 percent increase.
To reduce the danger of payment fraud, the Reserve Bank of India has proposed to establish a Digital Payments Intelligence Platform that will make use of cutting-edge technologies.
In order to forward this effort, the RBI has formed a group to look into several areas of establishing a digital public infrastructure for the platform. The committee is chaired by A.P. Hota, a former MD and CEO of NPCI. Within two months, the committee is supposed to provide its recommendations.
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