The Reserve Bank of India has decided to set a Central Payment Fraud Registry to track frauds in payment systems. Payment system participants will be provided access to this registry for near-real time fraud monitoring, the central bank said. The aggregated fraud data will be published to educate customers on emerging risks.
Currently, banks report all banking frauds to the Central Fraud Monitoring Cell of the Reserve Bank.
“With the digital payment ecosystem making substantial progress in terms of growth of payment infrastructure as well as volume and value of digital payment transactions, fraud risk monitoring, and management by the stakeholders have assumed importance,” the RBI said.
The RBI’s Payment System Vision 2021 envisages a framework for collecting data on frauds in the payment systems. A detailed framework for setting up Central Payment Fraud Registry will be put in place by the end of October 2019, the RBI said.
Separately, the RBI will make National Electronic Funds Transfer (NEFT) payment system, which is operated by the central bank, available for customers on a 24×7 basis from December 2019. Currently, this NEFT facility for fund transfer is available from 8.00 am to 7.00 pm on all working days of the week (except 2nd and 4th Saturdays of the month).