PSU banks to hold majority in digital payment intel body
Digital Payments Intelligence Platform
(DPIP) and hold more than 50% stake in the proposed venture aimed at harnessing advanced technologies to mitigate
payment fraud risks
.
The proposed entity, which will seek to enhance
fraud risk management
through real-time intelligence sharing and prevent fraudulent transactions, will be set up as a Section 8 company, or non-profit organisation, said people familiar with the matter.
Finance
Value and Valuation Masterclass - Batch 4
By CA Himanshu Jain
View Program
Artificial Intelligence
AI For Business Professionals Batch 2
By Ansh Mehra
View Program
Finance
Value and Valuation Masterclass - Batch 3
By CA Himanshu Jain
View Program
Artificial Intelligence
AI For Business Professionals
By Vaibhav Sisinity
View Program
Finance
Value and Valuation Masterclass - Batch 2
By CA Himanshu Jain
View Program
Finance
Value and Valuation Masterclass Batch-1
By CA Himanshu Jain
View Program
A committee with members from both public and private banks, ministry of electronics and information technology (MeitY) and the
Reserve Bank of India
(RBI) will determine the capital contribution, governance structure and minimum paid-up capital for the firm, they said.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
Undo
The proposed committee will be set up through the
Indian Banks' Association
(IBA).
"We expect the final structure to be formalised by month-end. While state-run banks will be the majority shareholder, it is being ensured that there is representation from
fintech companies
,
payment banks
and also small finance banks," said an official, who did not wish to be identified.
Live Events
Earlier, a committee set up by the RBI, headed by former National Payments Corporation of India chairman AP Hota, had recommended establishing DPIP as digital public infrastructure.
"Discussions are on to identify the initial contributing partners and governance structure of the company. This will be a broad-based firm and will look to strengthen existing fraud risk management systems, besides addressing core issues like
mule accounts
and the need for pre-transaction intelligence," a bank executive said on condition of anonymity. Mule accounts refer to bank accounts used by criminals for financial crimes, including money laundering.
According to experts it becomes difficult for banks to manage it on a standalone basis and hence there is a need for a market infrastructure platform such as DPIP.
"It will allow banks to get an ecosystem view of the frauds and put the right risk mitigants in place on a long-term basis," said Vivek Iyer, partner and financial services risk leader, Grant Thornton Bharat. "Also, with the data available on one platform, machine learning tools can also be applied to detect anomalies and patterns on a proactive basis and. with the increased data over a period of time, build AI capabilities."
According to Manoj Ajgaonkar, partner, digital, trust and transformation at Forvis Mazars, fraud prevention platforms themselves are now high-value targets and so the system needs to be protected with strong encryption, limited access and routine testing.
"DPIP will do much to reduce payment fraud while building public confidence in India's digital payments system," he said.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
21 minutes ago
- Time of India
Apple Watch just got a stunning upgrade, new blood oxygen feature launches today - what it means for you
Apple Watch's new blood oxygen feature launches today: Apple Watch users in the United States are getting a long-awaited health feature back, but in a redesigned form. Following a lengthy legal battle and months without the popular Blood Oxygen function, Apple is releasing a software update today that alters how the feature operates. The new design avoids previous patent issues while still allowing wearers to monitor oxygen levels, with one notable difference: calculations will now take place on your iPhone rather than directly on your watch. Apple is releasing iOS 18.6.1 and watchOS 11.6.1 in the United States today, bringing back a redesigned Blood Oxygen feature for Apple Watch Series 9 , Series 10, and Ultra 2, as per a report by 9to5mac. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Cardiologist Reveals: The Simple Morning Habit for a Flatter Belly After 50! Lulutox Undo Why did Apple change the Blood Oxygen feature? Apple Watch users in the United States are finally getting access to a health feature that has been missing for more than a year, but it will require a redesign. Apple has announced that, beginning today, a new software update will reintroduce Blood Oxygen monitoring to select models, resolving the long-running legal dispute that led to its removal. Live Events ALSO READ : Microsoft eyes remote work crackdown, office return could be imminent - here's what it means for staff The change follows an 18-month dispute with health tech company Masimo, which accused Apple of infringing on its patents. That dispute heated up in December 2023, when the United States International Trade Commission imposed an import ban on Apple Watch models equipped with the original Blood Oxygen sensor. Apple temporarily halted sales before resuming them in January 2024 with versions that had the feature completely disabled, as per a report by 9to5mac. Since then, the Blood Oxygen function has been removed from Apple Watch Series 9, Series 10, and Apple Watch Ultra 2 models sold in the United States. The redesigned system is Apple's attempt to bring it back without violating patent restrictions, the key difference is where the measurements are processed, as per a report by 9to5mac. ALSO READ : Every iPhone 17 model gets upgrades — here's the full breakdown and what's new across every model How does the new system work? The redesigned feature, available today in iOS 18.6.1 and watchOS 11.6.1, moves data processing from the watch to the iPhone. While your Apple Watch sensors continue to collect raw data during a reading, the paired iPhone handles all calculations. This means that instead of seeing your results on your wrist, you'll find them in the iPhone's Health app, under the Respiratory section. Apple says the feature will also support background readings, allowing your watch to quietly collect data throughout the day and send it to your iPhone for analysis, as per a report by 9to5mac. For the time being, the update only applies to Apple Watch models sold in the United States that do not have the original Blood Oxygen feature, specifically those with part numbers ending in "LW/A." You can check this in your Watch's settings or with the Apple Watch app on your iPhone. Will the older Apple Watches be affected? Apple is quick to assure customers that this change will not affect devices purchased prior to the ban that still have the original Blood Oxygen feature enabled. It will also not affect watches purchased outside of the United States, where the patent dispute does not apply, as per a report by 9to5mac. ALSO READ: Orca attack mystery: What really happened to marine trainer Jessica Radcliffe Apple's decision to reintroduce the feature in a modified form comes after U.S. Customs ruled that it could import watches using this redesigned method. Meanwhile, Apple continues to challenge the original patent decision, hoping that the US Court of Appeals will overturn it, as per a report by 9to5mac. In a statement to 9to5Mac today, an Apple spokesperson said, 'Apple will introduce a redesigned Blood Oxygen feature for some Apple Watch users in the U.S. through an iPhone and Apple Watch software update available later today. With this update, sensor data from the Blood Oxygen app on Apple Watch will be measured and calculated on the paired iPhone, and results can be viewed in the Health app. This update will be available for Apple Watch Series 9, Series 10, and Apple Watch Ultra 2 users in the U.S. who do not have the original Blood Oxygen feature.' FAQs Which Apple Watch models will include the redesigned feature? Apple Watch Series 9, Series 10, and Ultra 2 models sold in the United States lack the original Blood Oxygen function. Where can I see my blood oxygen levels now? On your iPhone's Health app, not on the Apple Watch.
Time of India
27 minutes ago
- Time of India
Inferior quality headphones not replaced, forum asks e-tailer to pay consumer Rs31k
Ghaziabad: Over a year after a Loni resident felt at the receiving end of a "faulty delivery" from an e-commerce platform, he has got relief from the consumer forum. District Consumer Disputes Redressal Commission (DCDRC) has directed Amazon to collect the product from Sankalp Dhama and refund Rs 26,989, which was taken in advance for a premium headphone. Dhama had filed the complaint in June 2024, a month after the delivery of the product. A bench of DCDRC, comprising president Praveen Kumar Jain and members Shailja Sachan and RP Singh, on July 17 also directed the company to pay compensation of Rs 5,000 for mental agony and litigation costs within a period of 45 days from the date of the order. Failing this, an interest at 6% on the outstanding amount until the last date of payment must be paid. You Can Also Check: Noida AQI | Weather in Noida | Bank Holidays in Noida | Public Holidays in Noida | Gold Rates Today in Noida | Silver Rates Today in Noida The commission had issued notices to the company, but in the absence of any response, heard the matter ex-parte. While reviewing the documents filed by the applicant, the commission observed that the e-commerce company acknowledged the complaint of faulty delivery through an email but did not replace the headphone or return the cost taken. "Under these circumstances, we conclude that Amazon must return the money and take back the headphone delivered to the customer. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Pierce Brosnan's Wife Lost 120 Pounds - This Is Her Now Undo Since they are found guilty of deficiency in service by delaying the process, they also must pay compensation of Rs 5,000," the commission ruled. Filing an application before the commission on June 27, 2024, Dhama said that he booked a noise-cancelling headphone — WH1000XM5 Sony headphone — on the e-commerce platform by paying Rs 26,989 on May 12, 2024. "I got a booking confirmation the next day and on the evening of May 14, the delivery boy brought the product to my address," Dhama told the commission. He said that when he opened the packet, it contained a JBL Quantum 100 headphone, which is not only cheaper but also not equipped with the necessary functionalities that he was looking for. Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area. Get the latest lifestyle updates on Times of India, along with Happy Independence Day wishes , messages , and quotes !
Time of India
27 minutes ago
- Time of India
Eased rules to gain ownership of public land a pre-poll sop?
T'puram: With the 2026 assembly elections barely a year away, the state govt has slashed the rates and relaxed conditions for organisations, including religious, political, and community bodies, to obtain ownership of public land they have long occupied. The move replaces the stringent terms of a 2020 order with a new far softer schedule issued in 2025, sparking speculation that the changes are aimed at consolidating vote-bank loyalties. According to the cabinet note prepared in this regard, accessed by TOI, govt's justification is that the 2020 conditions were "impractical" a claim it says is backed by every representation it received from affected entities. The new norms go far beyond tweaks they open the door for more categories of occupants to claim ownership, at much lower costs and with fewer checks on commercial use. Under the 2020 order, the price to be paid was tied to when the organization came into possession. If the possession was before 1977, they had to pay 25% of the govt's fair value and for possession taken place between 1977 and 1990 it is 50%. For the period between 1990 and 2000 full fair value was applicable and for land taken after 2000 and up to Aug 25, 2008, full market value had to be paid. Anything found in commercial use had to pay market rates, and such commercialised sites faced strict safeguards, including higher scrutiny and possible rejection if they no longer served the public or community purpose. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like The 5 Books Warren Buffett Recommends You To Read in 2025 Blinkist: Warren Buffett's Reading List Undo The 2025 order rewrites that framework. Possession before 1977 now requires paying only 10% of fair value; between 1977 and 1990, 25%; between 1990 and 2000, 50%. For the first time, the period from 1990 to 2000 is no longer pushed into the most expensive bracket. A particularly steep concession applies to cases recorded in the old Settlement Register these can now be settled at just 5% of fair value, regardless of the date on which possession began. For cases after 2000 and up to Aug 25, 2008, the market value still applies. Commercial use also remains tied to market rates but the shift is stark, where the 2020 rules priced many older holdings at up to full market value and tied commercialised sites to restrictive reviews, the new rules reduce rates, erase some barriers and expand eligibility. Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area. Get the latest lifestyle updates on Times of India, along with Happy Independence Day wishes , messages , and quotes !
