About Digital Payment Intelligence Platform:
- It seeks to bolster fraud risk management by facilitating real-time intelligence sharing and gathering, thereby preventing fraudulent digital transactions.
- The institutional structure of the proposed entity would be created with the help of both public sector and private sector lenders.
- It will collect and analyse data from various sources to identify potential threats and prevent fraudulent activities.
- By enabling real-time data sharing, the platform will help prevent scams and ensure secure transactions.
- The Reserve Bank Innovation Hub (RBIH) has been assigned to build a prototype of DPIP in consultation with 5-10 banks.
- It is going to leverage advanced technologies to curb payment-related frauds.
- RBI formed a committee, chaired by AP Hota to examine various aspects of establishing this digital public infrastructure.
- Why is it needed?
- The volume of frauds also rose to 15.51 lakh during the March 2024 period from 11.5 lakh in the previous six-month period.
- The alarming increase coincides with India’s rapid transformation into a digital payments powerhouse, fuelled by the widespread adoption of the unified payments interface (UPI) since its launch in 2016.
