Latest news with #DPIP
Time of India
3 days ago
- Business
- Time of India
PSU banks to hold majority in digital payment intel body
New Delhi: State-run banks will take the lead in setting up the 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.
Entrepreneur
23-06-2025
- Business
- Entrepreneur
Banks and RBI Collaborate on Real-Time Intelligence Platform to Tackle Rising Digital Payment Frauds
Once operational, DPIP will collect, analyse, and disseminate actionable intelligence in real time, helping financial institutions flag and block suspicious transactions promptly You're reading Entrepreneur India, an international franchise of Entrepreneur Media. In response to the alarming rise in digital payment frauds, India's public and private sector banks are joining forces under the Reserve Bank of India's (RBI) guidance to develop a Digital Payment Intelligence Platform (DPIP). Envisioned as a Digital Public Infrastructure (DPI), the platform aims to significantly enhance fraud risk management by enabling real-time data sharing and intelligence gathering to stop fraudulent transactions before they occur. The urgency of the initiative is underscored by recent RBI data that reveals a sharp increase in reported bank frauds. In FY25, the total value of frauds surged nearly threefold to INR 36,014 crore from INR 12,230 crore in the previous fiscal year. Public sector banks accounted for INR 25,667 crore of the total, a significant jump from INR 9,254 crore a year earlier. Sources familiar with the development said the platform's structure will be designed collaboratively by public and private banks, recognising that digital fraud is a shared challenge across the financial ecosystem. A high-level meeting was recently held, bringing together senior officials from the RBI, banking institutions, and other stakeholders to finalise the framework of the proposed entity. The platform expected to go live within the next few months. Once operational, DPIP will collect, analyse, and disseminate actionable intelligence in real time, helping financial institutions flag and block suspicious transactions promptly. In terms of volume, most frauds have been concentrated in digital payment modes like cards and online transactions, particularly within private sector banks. However, in terms of value, the majority of fraudulent activities in public sector banks have occurred in the loan and advances segment. The Reserve Bank Innovation Hub (RBIH) has been tasked with building the prototype of the platform in collaboration with 5 to 10 partner banks. It will leverage advanced analytics and technologies to strengthen the banking sector's response to increasingly sophisticated cyber fraud tactics. The initiative follows recommendations made by a committee set up in June last year, led by A P Hota, former MD & CEO of the National Payments Corporation of India (NPCI), which studied the feasibility and structure of such a digital infrastructure.
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Business Standard
22-06-2025
- Business
- Business Standard
RBI, banks to launch DPIP platform to combat rising digital payment frauds
In a bid to rein in the increasing incidence of digital payment frauds, major public and private sector banks have been roped to develop Digital Payment Intelligence Platform (DPIP) as a Digital Public Infrastructure (DPI) under the supervision and guidance of the RBI. The proposed platform seeks to bolster fraud risk management by facilitating real-time intelligence sharing and gathering, thereby preventing fraudulent digital transactions, sources said. According to sources, the institutional structure of the proposed entity would be created with the help of both public sector and private sector lenders as fraud is a common monster. Earlier this month, a high-level meeting in this regard was convened to finalise the structure of the platform where senior bank officials, RBI officials and other stakeholders were present. Since the issue is one of the top agenda for both the government and the Reserve Bank of India (RBI), sources said the platform should become operational in the next few months. Once operational, DPIP will collect and analyse data from various sources to identify potential threats and prevent fraudulent activities. By enabling real-time data sharing, the platform will help prevent scams and ensure secure transactions. Reserve Bank Innovation Hub (RBIH) has been assigned for building a prototype of DPIP in consultation with 5-10 banks. It is going to leverage advanced technologies to curb payment-related frauds. RBI, in June last year, formed a committee, chaired by A P Hota, former MD & CEO of NPCI, to examine various aspects of establishing this digital public infrastructure. According to the latest annual report of the RBI, there has been a significant surge in bank frauds, with the amount involved rising nearly three times to Rs 36,014 crore in FY25, compared to Rs 12,230 crore in the previous year. Of this, as much as Rs 25,667 crore worth of frauds were reported by public sector banks as against Rs 9,254 crore a year ago. Frauds have 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, it said. While card/internet frauds contributed maximum to the number of frauds reported by private sector banks, frauds in public sector banks were mainly in advances, it said.
Time of India
22-06-2025
- Business
- Time of India
Cybersecurity boost: Banks, RBI move to launch Digital Fraud Detection Platform amid soaring crimes - All you need to know
This is an AI-generated image, used for representational purposes only. In a concerted push to tackle the rising wave of digital payment frauds, major public and private sector banks are collaborating with the Reserve Bank of India (RBI) to develop a Digital Payment Intelligence Platform (DPIP), a new Digital Public Infrastructure aimed at enhancing fraud risk management As per the news agency PTI, the proposed platform will enable real-time intelligence sharing and data analysis to detect and prevent fraudulent digital transactions. According to sources, the RBI-led initiative is a top priority and is expected to go live in the coming months. The Reserve Bank Innovation Hub (RBIH) has been tasked with building a prototype of DPIP in consultation with 5–10 banks. 'Fraud is a common monster,' a source said, underlining why both public and private banks are being roped in to co-develop the platform. A high-level meeting was recently held to finalise its institutional structure, with participation from senior bank executives and RBI officials. The platform comes in response to a sharp spike in fraud cases. As per the RBI's latest annual report, bank frauds jumped nearly threefold to Rs 36,014 crore in FY25, compared to Rs 12,230 crore a year ago. Public sector banks reported Rs 25,667 crore worth of frauds—up from Rs 9,254 crore in FY24. While card and internet payment frauds dominated in the private sector, public sector banks faced large-scale fraud in their loan portfolios. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Aparat de sudură cu laser de 9000 W (4 în 1) – o revoluție în sudură! Află mai multe Undo A few weeks ago, Airtel approached over 40 banks, RBI and NPCI, proposing collaboration to create a repository of known fraudulent domains to enable proactive blocking of rogue sites. The telecom major also highlighted risks posed by OTT messaging platforms, calling them the weakest link in fraud prevention due to lack of regulatory oversight. Airtel Vice Chairman and MD Gopal Vittal, in a letter to NPCI MD & CEO Dilip Asbe, proposed 'closer collaboration to create a repository of known fraudulent financial domains,' and favoured joint public awareness campaigns and technical cooperation to counter online scams. 'The external threat landscape is evolving rapidly. Systems like are useful, but still reactive,' Vittal wrote to the RBI, stressing that fraud must be stopped at the first step—when a user attempts to access a malicious site. The telco's proposal received positive responses from banks and the NPCI, sources said. Airtel has also sought to join forces with Jio and Vodafone Idea to initiate a joint industry-level defence against telecom-based scams. In the first nine months of 2024 alone, India reported over 1.7 million cybercrime complaints, resulting in losses exceeding Rs 11,000 crore. These figures underscore the urgency of building a coordinated, tech-driven ecosystem like DPIP to shield consumers and financial systems from the growing digital threat. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
22-06-2025
- Business
- Time of India
RBI-led initiative to curb digital frauds gains momentum, banks roped in to set up DPIP
In a bid to rein in the increasing incidence of digital payment frauds , major public and private sector banks have been roped to develop Digital Payment Intelligence Platform (DPIP) as a Digital Public Infrastructure (DPI) under the supervision and guidance of the RBI . The proposed platform seeks to bolster fraud risk management by facilitating real-time intelligence sharing and gathering, thereby preventing fraudulent digital transactions, sources said. According to sources, the institutional structure of the proposed entity would be created with the help of both public sector and private sector lenders as fraud is a common monster. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Play War Thunder now for free War Thunder Play Now Earlier this month, a high-level meeting in this regard was convened to finalise the structure of the platform where senior bank officials, RBI officials and other stakeholders were present. Since the issue is one of the top agenda for both the government and the Reserve Bank of India (RBI), sources said the platform should become operational in the next few months. Live Events Once operational, DPIP will collect and analyse data from various sources to identify potential threats and prevent fraudulent activities. By enabling real-time data sharing, the platform will help prevent scams and ensure secure transactions. Reserve Bank Innovation Hub (RBIH) has been assigned for building a prototype of DPIP in consultation with 5-10 banks. It is going to leverage advanced technologies to curb payment-related frauds. RBI, in June last year, formed a committee, chaired by A P Hota, former MD & CEO of NPCI , to examine various aspects of establishing this digital public infrastructure. According to the latest annual report of the RBI, there has been a significant surge in bank frauds, with the amount involved rising nearly three times to Rs 36,014 crore in FY25, compared to Rs 12,230 crore in the previous year. Of this, as much as Rs 25,667 crore worth of frauds were reported by public sector banks as against Rs 9,254 crore a year ago. Frauds have 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, it said. While card/internet frauds contributed maximum to the number of frauds reported by private sector banks, frauds in public sector banks were mainly in advances, it said.
