In a bid to bolster the safety and security of digital payments and enhance regulatory frameworks, the Reserve Bank of India (RBI) unveiled a series of proposals aimed at fostering innovation, inclusivity, and efficiency in the financial ecosystem.
These initiatives, announced by RBI Governor Shaktikanta Das, signify the central bank's commitment to fortifying India's digital infrastructure and promoting a conducive environment for financial transactions.
One of the key announcements made by Governor Das pertained to the establishment of a Digital Payments Intelligence Platform.
This platform, leveraging advanced technologies, aims to mitigate payment fraud risks and enhance the safety of digital transactions.
According to the annual report released by the Reserve Bank of India (RBI) on May 30, there was a significant surge in the number of financial frauds reported by banks, increasing by 166 per cent year-on-year in the financial year 2023-24 to reach 36,075 cases.
This figure starkly contrasts with the 13,564 cases reported in the previous fiscal year, FY23.
