Hyderabad: The Reserve Bank of India on Friday proposed to set up a Digital Payments Intelligence Platform to harness advanced technologies to mitigate online payment fraud risks.
In a statement issued in this regard, a spokesperson for the RBI said that the central bank has proposed to set up the Digital Payments Intelligence Platform for which the Reserve Bank has constituted a committee chaired by A.P. Hota, former MD and CEO, NPCI to examine various aspects of setting up a digital public infrastructure for Digital Payments Intelligence Platform. The Committee is expected to give its recommendations within two months.
The spokesperson said that 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 incidence of frauds, the spokesperson said addin 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) take 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, the RBI spokesperson further said.
In another decision, the RBI also announced to bring UPI Lite within the ambit of the e-mandate framework by introducing an auto-replenishment facility for loading the UPI Lite wallet by the customer, if the balance goes below a threshold amount set by him/her.
The UPI Lite facility currently allows a customer to load his UPI Lite wallet upto Rs 2000 and make payments upto Rs 500 from the wallet. Since the funds remain with the customer (funds move from his/her account to wallet), the requirement of additional authentication or pre-debit notification is proposed to be dispensed with, the RBI said. It said that the related guidelines in this regard will be issued shortly.
