- With growing instances of digital payment fraud, the Reserve Bank of India (RBI) has proposed establishing a Digital Payments Intelligence Platform for network-level intelligence and real-time data sharing across the digital payment ecosystem.
- To take this initiative forward a committee will be constituted to examine various aspects of setting up the Platform.
- The platform will leverage advanced technologies like AI and machine learning to identify and mitigate fraud risks.
- With the adoption of e-mandates for a recurring payment, transactions have been increasing, and the RBI has proposed to include payments, such as replenishment of balances in Fastag and National Common Mobility Card (NCMC) which are recurring in nature but without any fixed periodicity, in the e-mandate framework.
- To encourage wider adoption of UPI Lite, enabling quick small-value payments through an on-device wallet, the RBI has proposed to bring it under the e-mandate framework.
Dig Deeper: Read about the e-BAAT initiative of RBI.
