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News: RBI ropes in banks to build Digital Payment Intelligence Platform to bolster fraud risk management by facilitating real-time intelligence sharing.
About Digital Payment Intelligence Platform (DPIP)
- It is a forthcoming, RBI-led digital public infrastructure (DPI) designed to strengthen fraud risk management in India.
- Objective: The platform seeks to bolster fraud risk management by facilitating real-time intelligence sharing and gathering, thereby preventing fraudulent digital transactions.
- Background: RBI had formed a committee (June, 2024) chaired by A.P. Hota to examine various aspects of establishing this digital public infrastructure.
- To be built by: The Reserve Bank Innovation Hub (RBIH) has been assigned to build a prototype of DPIP in consultation with 5-10 banks.
- Working: It will collect and analyze data from various sources to identify potential threats and prevent fraudulent.
- By enabling real-time data sharing, the platform will help prevent scams and ensure secure transactions.
- Need: As per annual report of the RBI, there was a significant surge in bank frauds, with the amount involved rising nearly three times to Rs. 36,014 crores in FY25, compared to Rs. 12,230 crores in the previous year.
- Frauds occurred predominantly in the category of digital payments (card/internet) in terms of the number and primarily in the loan portfolio (advances) in terms of value.
