RBI's Digital Payments Intelligence Platform: A New Era of Secure Transactions

The Reserve Bank of India (RBI) has proposed a Digital Payments Intelligence Platform to tackle payment frauds. A committee led by A P Hota will examine its establishment. Industry experts praise this initiative for bolstering consumer confidence and enhancing digital payment security through advanced technologies.

PTI | New Delhi | Updated: 07-06-2024 19:54 IST | Created: 07-06-2024 19:54 IST
RBI's Digital Payments Intelligence Platform: A New Era of Secure Transactions
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The Reserve Bank of India (RBI) has unveiled plans to establish a Digital Payments Intelligence Platform, designed to curb payment fraud and inspire greater consumer trust, experts noted.

Announced on Friday, the RBI's proposed platform aims to integrate cutting-edge technologies to counteract fraud risks in digital payments.

A committee led by A P Hota, former MD and CEO of NPCI, has been tasked with evaluating various aspects of this infrastructure, with recommendations expected within two months.

Commenting on the initiative, Gaurav Jalan, Founder and CEO of mPokket, regarded it as a substantial step forward in ensuring the security and reliability of digital transactions. Integrating state-of-the-art technologies presents an opportunity to amplify public confidence in digital payment systems and promote broader usage, particularly among India's youth, he said.

Ankit Ratan, Co-founder & CEO of Signzy, commended the RBI for its proactive efforts to fortify digital trust within the financial landscape. The platform is set to deploy AI and machine learning to identify and mitigate fraud risks, creating a safer digital payment environment.

Jyoti Bhandari, Founder and CEO of Lovak Capital, emphasized the RBI's commitment to consumer protection and financial stability through the proposed platform. Sanjay Kumar Sinha of Chaitanya Projects Consultancy noted that the RBI's decision to maintain the interest rate would positively impact the infrastructure and real estate sectors by fostering confidence and encouraging investment.

Additionally, the RBI adjusted the GDP growth projection for the current fiscal year to 7.2%, indicating stronger economic resilience. The unchanged repo rate of 6.50% for an eighth consecutive meeting reinforces a stable economic outlook, supporting the potential for sustained growth.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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