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Saturday, June 22, 2024

RBI proposes setting up of Digital Payments Intelligence Platform to curb frauds


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Mumbai: Taking note of rising frauds in the digital payment system, the Reserve Bank of India (RBI) Friday proposed setting up a “Digital Payments Intelligence Platform” for network level intelligence and real-time data sharing across the ecosystem.

The Reserve Bank has taken a number of measures over the years to deepen digital payments while ensuring their safety and security. These measures have boosted consumer confidence. Growing instances of digital payment frauds, however, highlight the need for a system-wide approach to prevent and mitigate such frauds, the RBI Governor Shaktakanta Das said while announcing the second bi-monthly monetary policy of the current fiscal 2024-25.

It is, therefore, proposed to establish a Digital Payments Intelligence Platform for network level intelligence and real-time data sharing across the digital payments’ ecosystem. To take this initiative forward, the Reserve Bank has constituted a committee to examine various aspects of setting up the Platform, he stated.

Looking at the way and speed at which the adoption of e-mandates for recurring payment transactions has been increasing, Das said that the RBI is also proposing inclusion of Recurring Payments with Auto-Replenishment Facility under the e-mandate Framework.

“It is now proposed to include payments, such as replenishment of balances in Fastag, National Common Mobility Card (NCMC), etc. which are recurring in nature but without any fixed periodicity, in the e-mandate framework. This will enable customers to automatically replenish the balances in Fastag, NCMC, etc. if the balance goes below the threshold limit set by them. This will enhance convenience in making travel / mobility related payments,” he added.

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