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Cyber ​​fraudsters are no longer in trouble, RBI will do this great job

Sagar Patel

By Sagar Patel

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RBI’s preparedness to tackle digital fraud

The Reserve Bank of India (RBI) on Friday presented its bi-monthly monetary policy. This time too there has been no change in the repo rate. But during this time, RBI Governor Shaktikanta Das made a big announcement that will affect millions of people making digital payments in the country.

An increase of more than 700 per cent has been observed in the number of digital and cyber frauds in the country. Concerned about this, the RBI will now develop a system that will monitor frauds related to digital payments. This will be a digital payments intelligence platform.

How will this intelligence system work?

Announcing the RBI’s monetary policy, Shaktikanta Das expressed concern over the rising number of digital payment frauds. He said there is a need to protect the digital payment system from such frauds. Therefore, RBI proposes to create a digital payments intelligence platform, which will monitor intelligence at the network level. Not only this, it will share data across the digital payments ecosystem in real time.

The Reserve Bank of India has constituted a committee to promote the development of this platform. This committee will examine different aspects related to this platform and its operation. According to ET news, the chairman of this committee may be Abhay Hota, who has been the first CEO of the National Payments Corporation of India.

RBI also worried about buying loans

Along with this, RBI has also expressed concern over the growing habit of people of purchasing on ‘Buy Now Pay Later’ or EMI. The RBI considers these types of purchases or lending of money to people as unsecured loans (unsecured loans). This also includes loans like personal loans, salary advance, etc. distributed through digital platforms. The RBI is concerned about the growing trend of unsecured loans.

The RBI has taken many strict measures in the recent past regarding this type of loan. Even in the case of digital lending to banks, the RBI had made some regulatory provisions in this regard in the month of November.

Presenting the monetary policy this time, RBI Governor Shaktikanta Das said his concerns over unsecured loans are bearing fruit. Some improvements have been seen in this. He clearly told banks to maintain a proper balance between their assets and liabilities.

Sagar Patel

Sagar Patel

I am Sagar Patel, specializing in business news reporting. With a keen focus on economic trends, market analysis, and corporate developments,

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