RBI's new payment fraud-fighting platform gets a committee
India's public sector banks are taking charge of the Digital Payments Intelligence Platform (DPIP), a fresh RBI-backed initiative to fight payment fraud.
DPIP will let banks and fintechs share real-time data and spot suspicious activity faster—think of it as a team effort to keep your money safe as digital payments boom.
Who's on board?
A committee with folks from public and private banks, the RBI, and the Ministry of Electronics & IT is shaping how DPIP runs.
Besides big state-owned banks, fintechs, payment banks, and small finance players will all pitch in—so pretty much everyone in digital payments has a seat at the table.
How will it work?
DPIP plans to use AI and machine learning to catch shady patterns—like mule accounts or sketchy transactions—before they cause trouble.
Experts say strong encryption and regular security checks are key for keeping this platform secure.
Why it matters
With India's digital payments up 34.8% in volume and 17.9% in value recently, there's more at stake than ever.
The DPIP is about making sure people trust online payments—and don't have to stress about fraud every time they tap 'Pay.'