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News on Medial
RBI-led initiative to curb digital frauds gains momentum, banks roped in to set up DPIP
Economic Times
·
24d ago
Medial
The Reserve Bank of India (RBI) is mobilizing major banks to establish the Digital Payment Intelligence Platform (DPIP) as a Digital Public Infrastructure to combat digital payment frauds. Under RBI’s guidance, both public and private sector banks will participate in this initiative. The platform aims to enhance fraud risk management through real-time intelligence sharing. The Reserve Bank Innovation Hub is tasked with developing a prototype, leveraging advanced technologies to curb payment-related frauds.
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Banks in direct link-up with I4C to check fraud on accounts
Economic Times
·
4m ago
Medial
Major Indian banks and payments firms like Razorpay are integrating with the Integrated Cyber Crime Coordination Centre (I4C) to combat payment frauds more effectively. Direct API integrations will allow instant alerts, facilitating immediate action, unlike the previous manual information exchange, reducing response time and manpower costs. This move is urged by the finance ministry's January 31 deadline to curb rising financial fraud, alongside global coordination and public awareness efforts to enhance security.
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Interoperable Payment System For Net Banking To Be Launched This Year: RBI
Inc42
·
1y ago
Medial
The Reserve Bank of India (RBI) is set to launch an interoperable payment system for net banking in 2024, aimed at facilitating quicker settlement of funds for merchants. The approval for implementing the system has been granted to NPCI Bharat BillPay, which connects banks and non-banks in the bills aggregation business. RBI Governor Shaktikanta Das believes this system will boost user confidence in digital payments and help streamline transactions that are currently not interoperable, reducing delays and settlement risks.
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RBI likely to start digital rupee pilot in call money market by October
Economic Times
·
1y ago
Medial
The Reserve Bank of India (RBI) is set to launch a pilot for its Central Bank Digital Currency (CBDC) in the call money market by October, according to RBI Executive Director Ajay Kumar Choudhary. The wholesale CBDC, known as Digital Rupee-Wholesale (e-W), had its pilot initiated in November 2022, primarily for settling secondary market transactions in government securities. Nine banks were chosen for the pilot project for wholesale CBDC, and the RBI had already launched a pilot for the retail version of CBDC (e-R) on December 1, 2022.
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PM Modi To Launch Digital Banking Units Across 75 Districts On October 16
Inc42
·
1y ago
Medial
75 digital banking units (DBUs) are set to be launched by Indian Prime Minister Narendra Modi to strengthen the country's digital banking ecosystem. The DBUs will provide a range of digital banking services, including opening savings accounts, transferring funds, and making loan applications. These physical outlets aim to ensure that the benefits of digital banking are accessible across the entire country and will be established in 75 districts, covering all states and union territories. A total of 11 public sector banks, 12 private banks, and 1 small finance bank will participate in this initiative.
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RBI orders Bajaj Finance to stop lending via ‘eCOM’ and ‘Insta EMI Card’
Livemint
·
1y ago
Medial
The Reserve Bank of India (RBI) has instructed Bajaj Finance to cease disbursing loans through its eCOM and Insta EMI Card products immediately. The directive was issued as Bajaj Finance was found to be non-compliant with RBI's digital lending guidelines, including the failure to provide Key Fact Statements to borrowers. The restriction on these products will be lifted upon rectification of the identified deficiencies. RBI had introduced the guidelines to curb fraudulent activities and protect borrowers in the digital lending sector.
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Plan in works to catch 'mule' accounts in real time
Economic Times
·
2m ago
Medial
The Indian government is collaborating with banks to enhance processes for detecting 'mule' accounts used in financial frauds. The initiative involves leveraging mobile number identifiers and databases for risk assessment, ensuring it doesn't hinder legitimate account openings. Discussions include creating detailed customer profiles and integrating APIs with telecom providers for real-time verification. Recommendations also suggest using the Election Commission database and unifying bank cybersecurity teams to improve fraud detection and response.
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Fintechs Seek Clarity On Tie Ups With Banks For CBDC Pilot
Inc42
·
1y ago
Medial
Fintech startups in India are seeking clarity from the Reserve Bank of India (RBI) regarding the rules of engagement with banks to deploy central bank digital currency (CBDC) use cases. Homegrown fintechs are unclear about how to engage with banks for participation in CBDC pilot programs. Operational guidelines and product constructs need to be worked out between the two parties until more clarity is provided by the RBI. Several large banks and regulated fintech companies have started discussions on building CBDC use cases.
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Startup news and updates: daily roundup (March 11, 2025)
YourStory
·
4m ago
Medial
QubeHealth is helping manage rising medical expenses as Uber partners with Refex Green Mobility to introduce 1,000 EVs by 2026, pursuing its zero-emission target by 2040. Even Healthcare launches a $500,000 ESOP buyback, while Kuhoo Finance gains NBFC status from India's RBI to broaden its educational loans. Funding highlights, like goSTOPS raising Rs 35 crore for hostels and Felicity Games securing $3 million for gaming, mark India's startup momentum.
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India was vocal for local manufacturing
Economic Times
·
1y ago
Medial
In the year 2023, India witnessed a surge in local manufacturing, with the government's "Vocal for Local" initiative gaining momentum. This led to the growth of indigenous tech companies and the reduction of dependence on foreign products. The year was characterized by advancements in technology and the adoption of digital solutions across various sectors. Overall, 2023 was a significant year for India in terms of promoting self-reliance and embracing technology.
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RBI's cloud centre for financial data sparks concerns among fintechs and banks
Money Control
·
1y ago
Medial
The Reserve Bank of India (RBI) is planning to establish a cloud facility for the financial sector in India to enhance the security, integrity, and privacy of financial data. The cloud facility will be set up and operated by Indian Financial Technology & Allied Services, a subsidiary of RBI. This announcement has raised concerns among fintech companies and digital heads of banks, as it remains unclear how this new entity will meet the functional and service standards of existing cloud providers. The move is seen as part of RBI's efforts to promote digitization, service quality, and transparency in the financial sector.
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