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The Reserve Bank of India Governor has announced the establishment of a digital payments intelligence platform to address digital payment fraud in India
The Reserve Bank of India Governor has announced the establishment of a digital payments intelligence platform to address digital payment fraud in India. The platform aims to provide network-level intelligence and facilitate real-time data sharing across the digital payments ecosystem.
Alongside this announcement, the central bank has initiated the formation of a committee tasked with examining various aspects of setting up the platform. According to the annual report released by the Reserve Bank of India, there has been a significant increase in the number of financial frauds reported by banks, rising by 166% year-on-year in the financial year 2023-24, reaching 36,075 cases. This surge contrasts sharply with the 13,564 cases reported in the previous fiscal year.
Despite the notable rise in the number of fraud cases, there was a considerable decrease in the total amount involved in these incidents. Other proposed changes Additionally, the RBI has proposed a revision of the limit of bulk deposits for Scheduled Commercial Banks (SCBs) and Small Finance Banks (SFBs) to enhance flexibility and adapt to evolving market dynamics. The current bulk deposit limit for SCBs and SFBs, set at ‘Single Rupee term deposits of Rs 2 crore and above,’ established in 2019, is under review.
The proposed revision would redefine this limit to ‘Single Rupee term deposits of Rs 3 crore and above’ for SCBs and SFBs. Moreover, the RBI has suggested defining the bulk deposit limit for Local Area Banks (LABs) as ‘Single Rupee term deposits of Rs 1 crore and above,’ aligning it with the criteria applicable to Regional Rural Banks (RRBs). Furthermore, the RBI has unveiled plans to rationalise export and import regulations under the Foreign Exchange Management Act (FEMA), 1999, aiming to promote progressive liberalisation and operational flexibility in international trade and investment.
By simplifying regulations, the RBI aims to create a business-friendly environment conducive to trade and investment growth. The central bank plans to publish draft regulations and directions on its official website by the end of June 2024. .
Jun 10, 2024 14:40
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