What is Digital Payments Intelligence Platform?

Why in news ?The RBI Governor Shaktikanta Das has recently  said that the Reserve Bank has decided to set up a Digital Payments Intelligence Platform which will harness advanced technologies to reduce payment fraud risks.

• To take this initiative forward, the Reserve Bank has constituted a committee headed by A.P. Hota, former MD & CEO, NPCI, to examine various aspects of setting up a digital public infrastructure for the platform.
• He explained that many frauds occur by influencing unsuspecting victims to make the payment or share credentials.
• While the payment ecosystem (banks, NPCI, card networks, payment aggregators, and payment apps) takes various measures on an ongoing basis to protect customers from such frauds, there is a need for network-level intelligence and real-time data sharing across payment systems.
• “The third edition of our global hackathon, ‘HaRBInger 2024 – Innovation for Transformation’ will be launched with two overarching themes viz., ‘Zero Financial Frauds’ and ‘Being Divyang Friendly’.
• Solutions aimed at enhancing the safety and security of digital transactions with a focus on detecting, preventing and combating financial frauds, as well as prioritising inclusivity for persons with physical disabilities, will be invited as part of HaRBInger 2024.