DPIP will be developed as a Digital Public Infrastructure (DPI) under the supervision and guidance of the RBI.
- DPI refers to foundational digital systems that are accessible, secure, and interoperable, supporting essential public services e.g., Aadhaar, Unified Payment Interface (UPI) etc.
About DPIP
- It seeks to bolster fraud risk management by facilitating real intelligence sharing and gathering by harnessing advanced technologies.
- It will also strengthen existing fraud detection systems by enabling coordination among banks.
- A committee under Chairman Shri A.P. Hota constituted to examine various aspects of setting up of DPIP.
- The Reserve Bank Innovation Hub (RBIH) has been assigned to build a prototype of DPIP in consultation with 5-10 banks.
- Both Private and Public banks will be consulted.
- Need of DPIP
- As per RBI’s annual report, fraud cases in the banking sector saw a significant increase.
- The total value of frauds jumped to ₹36,014 crore in FY25, compared to ₹12,230 crore in FY24.
Other Initiatives Initiatives by RBI to Curb Bank Frauds
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