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Digital Payments Intelligence Platform

  • 24 Jun 2024
  • 2 min read

Source: IE

The RBI has formed a committee chaired by A.P. Hota to explore a proposal to set up a Digital Payments Intelligence Platform that will harness advanced technologies to mitigate payment fraud risks.

  • Domestic payment frauds surged by 70.64% to Rs 2,604 crore in the six months ending March 2024, with the number of cases rising to 15.51 lakh from 11.5 lakh.

Other Proposals:

  • Bulk Deposits Limit Raised: The RBI also plans to increase the threshold for bulk deposits from Rs 2 crore to Rs 3 crore for commercial banks and small finance banks, with local area banks set at Rs 1 crore.
  • Automatic e-Mandate: The RBI plans to allow automatic balance replenishment for Fastag and NCMC under the e-mandate framework, exempting the need for a 24-hour pre-debit notification.
  • UPI Lite e-Mandate: The RBI plans to integrate UPI Lite into the e-mandate framework, enabling automatic reloads of the wallet when its balance drops below a user-set threshold, eliminating the need for extra authentication or pre-debit notifications.
  • Export-Import Norms: The Reserve Bank plans to update rules for exporting and importing goods and services to streamline procedures and make business easier for everyone involved.

Read more...

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