Digital payments intelligence platform

Context

The Reserve Bank of India plans to set up a centralised digital payments intelligence platform for sharing data on a real-time basis across digital payment ecosystem aimed at detecting fraud.

What is Digital payments intelligence platform?

A Digital Payments Intelligence Platform is a sophisticated technology solution that leverages big data analytics, artificial intelligence (AI), and machine learning (ML) to provide insights into digital payment transactions. It’s designed to analyze vast amounts of transaction data in real-time, identify patterns, detect anomalies, and predict future trends.
AI and ML play a crucial role in these platforms. They help in fraud detection by identifying unusual patterns or anomalies in transactions that could indicate fraudulent activity.
To advance this initiative, the RBI has formed a committee chaired by Shri A.P. Hota, former MD & CEO of NPCI.
According to the annual report released by the RBI, there was a significant surge in the number of financial frauds reported by banks, increasing by 166% year-on-year in the financial year 2023-24. This starkly contrasts with the 13,564 cases reported in the previous fiscal year.

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