To reduce the risk of fraud, RBI creates a digital payments intelligence platform.
A.P. Hota, the former MD and CEO of NPCI, is leading a group that the Reserve Bank established to investigate the establishment of a digital public infrastructure for the platform in order to further this effort.
Mumbai: RBI Governor Shaktikanta Das announced on Friday that the Reserve Bank has chosen to establish a Digital Payments Intelligence Platform that will use cutting-edge technologies to lower the risks of payment fraud.
In order to forward this project, the Reserve Bank has formed a committee to look into several areas of establishing a digital public infrastructure for the platform. The committee is chaired by A.P. Hota, the former MD and CEO of NPCI. The RBI Governor stated that the Committee is anticipated to provide its recommendations in two months.
He clarified that many scams work by persuading gullible victims to part up their credentials or make the payment. In order to safeguard consumers from these types of frauds, the payment ecosystem—which includes banks, the NPCI, card networks, payment aggregators, and payment apps—implies a number of continuous security measures. However, network-level intelligence and real-time data exchange among payment systems are essential.
Das stated that in order to preserve the public's trust in digital payment systems, the Reserve Bank has implemented a number of safety and security measures over the years. Reducing the frequency of fraud would be necessary to maintain such confidence.
As part of its efforts to improve security, he added, the RBI has been promoting innovation in certain emphasis areas by holding yearly hackathons.
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