RBI to Establish Digital Payments Intelligence Platform to Curb Online Frauds

New Delhi: The Reserve Bank of India (RBI) unveiled a series of proposals to safeguard the safety and security of digital payments and enhance regulatory frameworks.

These initiatives were announced by RBI Governor Shaktikanta Das, to fortify India’s digital infrastructure and promote a conducive environment for financial transactions.

One of the key announcements made by RBI Governor Das was the establishment of a Digital Payments Intelligence Platform.

This platform will use advanced technologies with an aim to mitigate payment fraud risks and enhance the safety of digital transactions.

According to the annual report released by the Reserve Bank of India (RBI) on May 30, there was a significant surge in the number of financial frauds reported by banks, increasing by 166 per cent year-on-year in the financial year 2023-24 to reach 36,075 cases.

This figure starkly contrasts with the 13,564 cases reported in the previous fiscal year, FY23.

Despite the notable rise in the number of fraud cases, there was a substantial decrease in the total amount involved in these incidents.