The Reserve Bank of India Governor on Friday announced the creation of a dedicated platform to tackle the growing challenges of digital payment fraud in India.
RBI has taken several measures over the years to deepen digital payments while ensuring their safety and security. These measures have boosted consumer confidence.
Setting up a Digital Payments Intelligence Platform
RBI said that growing instances of digital payment fraud highlight the need for a system-wide approach to prevent and mitigate such frauds.
Therefore, RBI today 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 RBI has constituted a committee to examine various aspects of setting up the platform.
Introduction of Auto-Replenishment of UPI Lite Wallet – Inclusion under the e-mandate Framework
To promote broader adoption of UPI Lite, the RBI has decided to incorporate it into the e-mandate framework. This new feature allows customers to automatically top up their UPI Lite wallets whenever the balance falls below their specified threshold. This enhancement aims to simplify and streamline small-value digital payments.
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