Reserve Bank of India To Set Up Digital Payments Intelligence Platform To Check Payment Frauds

The Reserve Bank of India has constituted a committee under the Chairmanship of former MD and CEO of National Payments Corporation of India, Mr. A P Hota to examine various aspects of setting up a digital public infrastructure for Digital Payments Intelligence Platform.

According to an official statement, RBI is mulling to set up a Digital Payments Intelligence Platform to mitigate payment fraud risks. The Committee is expected to give its recommendations within two months.

RBI has said that even though the payment ecosystem which includes banks, NPCI, card networks, payment aggregators, and payment apps take various measures on an ongoing basis to protect customers from digital frauds, there is a need for network-level intelligence and real-time data sharing across payment systems to prevent such frauds in the future.

RBI Proposes To Bring Auto-Replenishment Facility For UPI Lite Wallet

The Reserve Bank has proposed to bring an auto-replenishment facility for UPI Lite wallet. As per an official statement, RBI plans to bring UPI Lite within the e-mandate framework.

Accordingly, if the balance in the UPI wallet goes below a threshold amount set by the customer, the fund will move from his/her account to the wallet without additional authentication or pre-debit notification.

RBI has said the move will enable customers to use the UPI Lite seamlessly, adding that the change in rules is based on the feedback received from various stakeholders.

The UPI Lite facility currently allows a customer to load his UPI Lite wallet up to Rs 2,000 and make payments up to Rs 5,000.

UPI Lite was introduced in September 2022 to enable small value payments in a quick and seamless manner through an on-device wallet.

RBI has said that related guidelines in this regard will be issued shortly.