Digital Payments Intelligence Platform | 24 Jun 2024
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.
- It also allows banks flexibility in setting interest rates based on their needs and Asset-Liability Management (ALM) projections.
- 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.