SME Times is powered by   
Search News
Just in:   • GST collections see 8.9 pc YoY growth at Rs 1.87 lakh crore in October  • India ties: Trump has track of engagements, Harris's record sparse littered with Kashmir statement  • Delhi's air quality plummets to 'very poor' category  • Mahindra Auto records highest ever SUV sales in Oct, overall auto growth up 20 pc  • Investors' wealth surges by Rs 128 lakh cr in Samvat 2080, Gold gives 32 pc return 
Last updated: 08 Jun, 2024  

Cyber.Crime.9.Thmb.jpg RBI setting up Digital Payments Intelligence Platform to reduce risk of fraud

Cyber.Crime.9.jpg
   Top Stories
» GST collections see 8.9 pc YoY growth at Rs 1.87 lakh crore in October
» Mahindra Auto records highest ever SUV sales in Oct, overall auto growth up 20 pc
» Investors' wealth surges by Rs 128 lakh cr in Samvat 2080, Gold gives 32 pc return
» Apple sets all-time revenue record in India, to open 4 new retail stores: Tim Cook
» Online shopping up in S. Korea in Sept over strong food delivery demand
IANS | 08 Jun, 2024

The Reserve Bank has decided to set up a Digital Payments Intelligence Platform which will harness advanced technologies to reduce payment fraud risks, RBI Governor Shaktikanta Das said on Friday.

To take this initiative forward, the Reserve Bank has constituted a committee headed by A.P. Hota, former MD & CEO, NPCI, to examine various aspects of setting up a digital public infrastructure for the platform. The Committee is expected to give its recommendations within two months, the RBI Governor said.

He explained that many frauds occur by influencing unsuspecting victims to make the payment or share credentials. While the payment ecosystem (banks, NPCI, card networks, payment aggregators, and payment apps) takes various measures on an ongoing basis to protect customers from such frauds, there is a need for network-level intelligence and real-time data sharing across payment systems.

Das said the Reserve Bank, over the years, has undertaken a number of measures for the safety and security of digital payments to maintain public confidence in digital payment systems. Sustaining such confidence would require minimising the incidence of fraud.

He also said that the RBI has been encouraging innovation in identified focus areas through its annual Hackathons as part of the steps to enhance security.

“The third edition of our global hackathon, ‘HaRBInger 2024 – Innovation for Transformation’ will be launched with two overarching themes viz., ‘Zero Financial Frauds’ and ‘Being Divyang Friendly’. Solutions aimed at enhancing the safety and security of digital transactions with a focus on detecting, preventing and combating financial frauds, as well as prioritising inclusivity for persons with physical disabilities, will be invited as part of HaRBInger 2024. Further details in this regard shall be released shortly,” the RBI Governor said.

 
Print the Page
Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
84.35
82.60
UK Pound
106.35
102.90
Euro
92.50
89.35
Japanese Yen 55.05 53.40
As on 12 Oct, 2024
  Daily Poll
Will the new MSME credit assessment model simplify financing?
 Yes
 No
 Can't say
  Commented Stories
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter