Current Events Current Affairs Analysis
The Reserve Bank Of India has roped in major public and private sector banks to develop the Digital Payment Intelligence Platform (DPIP) as a Digital Public Infrastructure (DPI).
About Digital Payment Intelligence Platform
oIt seeks to bolster fraud risk management by facilitating real-time intelligence sharing and gathering, thereby preventing fraudulent digital transactions.
oThe institutional structure of the proposed entity would be created with the help of both public sector and private sector lenders.
oIt will collect and analyse data from various sources to identify potential threats and prevent fraudulent activities.
oBy enabling real-time data sharing, the platform will help prevent scams and ensure secure transactions.
oThe Reserve Bank Innovation Hub (RBIH) has been assigned to build a prototype of DPIP in consultation with 5-10 banks.
oIt is going to leverage advanced technologies to curb payment-related frauds.
oRBI formed a committee, chaired by AP Hota to examine various aspects of establishing this digital public infrastructure.