RBI Strikes Against UPI, Digital Payment Frauds, Plans To Establish Digital Payment Intelligence Platform

RBI Strikes Against UPI, Digital Payment Frauds, Plans To Establish Digital Payment Intelligence Platform

The central bank has formed a committee to provide its recommendations to ensure secured digital payments intelligence platforms to prevent online frauds.

FPJ News ServiceUpdated: Saturday, June 08, 2024, 08:33 PM IST
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Reserve Bank of India | File/ Representative

Mumbai: The Reserve Bank of India (RBI) plans to establish a digital payments intelligence platform to leverage advanced technologies and mitigate payment fraud risks. The central bank has formed a committee to provide its recommendations to ensure secured digital payments intelligence platforms to prevent online frauds.

The RBI has implemented several measures to ensure the safety and security of digital payments aiming to maintain public trust in the digital and online payments systems.

The proposed digital payments intelligence platform has the potential to enhance the security of digital and online payments to gain trust of consumers and businesses to adopt the new payment technology.

Meanwhile RBI at the Monetary policy announcement on Friday assured the Indian banking system is robust and the gross NPA (Non-Performing Assets) of the schedule commercial banks and NBFCs are below 3 per cent.

The RBI highlighted several key factors contributing to this positive trend, including enhanced provisioning for bad loans, sustained capital adequacy, and increased profitability.

Governor Shaktinata Das stressed the importance of continued improvement in governance standards, risk management practices, and compliance culture across regulated entities.

The central bank had previously flagged concerns in November last year about the excessive growth in unsecured retail loans and the over-reliance of NBFCs on bank funding.

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