&w=3840&q=100)
RBI asks banks to integrate DoT's fraud risk tool to curb cyber crimes
Banks and financial institutions can use the Financial Fraud Risk Indicator (FRI) in real time, which classifies mobile numbers based on their association with medium, high or very high risk of financial fraud.
The data is collected from various sources, including reporting on the Indian Cyber Crime Coordination Centre (I4C's) National Cybercrime Reporting Portal (NCRP), DoT's Chakshu platform, and Intelligence shared by banks and financial institutions.
"The Department of Telecommunications (DoT) welcomes the Reserve Bank of India's (RBI) advisory issued on June 30, 2025, directing all scheduled commercial banks, small finance banks, payments banks, and co-operative banks to integrate the Financial Fraud Risk Indicator (FRI) developed by DoT into their systems," the statement said.
Launched in May 2025 by DoT's Digital Intelligence Unit (DIU), the system's utility has already been demonstrated, with leading institutions like PhonePe, Punjab National Bank, HDFC Bank, ICICI Bank, Paytm, and India Post Payments Bank actively using the platform.
"With UPI being the most preferred payment method across India, this intervention could save millions of citizens from falling prey to cyber fraud. The FRI allows for swift, targeted, and collaborative action against suspected fraud in both telecom and financial domains," the statement said.
DoT called the RBI move a "watershed moment in the fight against cyber-enabled financial frauds" and a testament to the power of inter-agency collaboration in safeguarding citizens in India's growing digital economy.
"It also underscores the strategic importance of automating data exchange between banks and DoT's DIP through API-based integration, enabling real-time responsiveness and continuous feedback to further refine the fraud risk models," the statement said.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hans India
35 minutes ago
- Hans India
TRAI seeks comments on regulating sale of foreign telcos' SIMs in devices meant for exports
New Delhi: In a move that could shape the future of India's export-driven IoT and machine-to-machine (M2M) sector, the Telecom Regulatory Authority of India (TRAI) on Friday released a consultation paper on regulating the sale of foreign telecom service providers' SIM and eSIM cards for such devices meant solely for exports. IoT devices are everyday objects that have sensors, software, and other technology inside them. This helps them connect to the internet and talk to other devices. The TRAI paper invites public and industry feedback on whether and how such SIM cards -- issued by foreign operators -- should be allowed for use in devices manufactured in India but not intended for domestic use. The development follows a request from the Department of Telecommunications (DoT) dated September 17, 2024, asking TRAI to frame recommendations for granting and renewing No Objection Certificates (NOCs) related to the import and sale of these foreign SIM/eSIM cards. Stakeholders have been invited to submit written comments by August 1 and counter-comments by August 18. Ministry of Communications Meanwhile, TRAI said it has sent its response to the back-reference received from the DoT in respect of the TRAI's recommendations on 'Assignment of Additional Spectrum to Indian Railways for its Safety and Security Applications' to DoT. DoT informed TRAI that Indian Railways had requested for an additional 5 MHz of paired spectrum in the 700 MHz band to be allocated free of cost to them for enhancing its safety and security systems. 'Through the said reference dated 26.07.2023, DoT requested TRAI to examine and provide its recommendations on the subject. In this regard, after following a comprehensive consultation with stakeholders, TRAI, on 20.12.2024, sent its recommendations on 'Assignment of Additional Spectrum to Indian Railways for its Safety and Security Applications' to DoT,' said the telecom regulator. In this regard, after a careful examination, TRAI has sent its response to the back-reference to DoT. TRAI seeks comments on regulating sale of foreign telcos' SIMs in devices meant for exports
Hans India
an hour ago
- Hans India
'Resilient economy': India's forex reserves cross $700 billion mark again
Mumbai: India's foreign exchange reserves once again crossed the $700 billion mark, reaching $702.78 billion for the week ending June 27, according to data released by the Reserve Bank of India (RBI) on Friday. This marks a significant rise of $4.8 billion from the previous week, when reserves stood at $697.93 billion. This is the first time in nine months that India's forex reserves have gone above the $700 billion level. The reserves had last touched an all-time high of $704.88 billion in end-September 2024. The latest increase was mainly due to a sharp rise in foreign currency assets, which went up by $5.75 billion to reach $594.82 billion. Foreign currency assets are a major part of the total reserves and include the value of major currencies like the euro, pound, and yen held by the RBI, adjusted for any appreciation or depreciation against the US dollar. However, gold reserves stood at $84.5 billion during the week. The country's special drawing rights (SDRs) -- a form of international reserve created by the International Monetary Fund (IMF) -- rose by $158 million to $18.83 billion. The RBI actively manages the foreign exchange market to maintain stability and prevent extreme movements in the rupee's value. While it does not aim for any fixed exchange rate, it intervenes when necessary to curb excessive volatility. This is typically done through liquidity management, including the selling of US dollars when required. Meanwhile, the remittances sent back home by Indians working abroad have registered a 14 per cent rise in the financial year 2024-25 to a record $135.46 billion, according to data compiled by the RBI. The RBI said the inflows, classified under 'private transfers,' accounted for more than 10 per cent of India's gross current account flows of $1 trillion in FY25. Personal transfer receipts, mainly representing remittances by Indians employed overseas, rose to $33.9 billion in the January-March quarter of 2024-25 from $31.3 billion in the same quarter of the previous year, RBI data shows.
&w=3840&q=100)
Business Standard
an hour ago
- Business Standard
India's liquidity surplus unlikely to lift credit growth, says JP Morgan
Bank lending to the Indian economy may not see a meaningful boost despite the large liquidity surplus in the banking system, economists at J.P. Morgan said in a report on Friday. While surplus liquidity influences overnight borrowing costs, a recent analysis by the firm showed it does not impact credit or deposit growth in the economy. The Indian central bank has cut rates steeply and flooded the banking system with liquidity since December as it sought to counter signs of a slowdown in the Indian economy amid modest inflation. The Reserve Bank of India has said it hopes the combination of rate cuts and easy liquidity would help transmit lower interest rates across the economy and prompt individuals and firms to borrow more. Bank credit growth slipped to below 10 per cent in May. "We find that the role of liquidity in boosting monetary policy transmission occurs primarily through influencing overnight market rates, within the policy corridor," J.P. Morgan economists Toshi Jain, Sajjid Z Chinoy and Divyanit Sood said in the study dated July 4. "There is no evidence of a 'credit channel' on deposit and lending growth beyond this." The economists added that the findings suggest the central bank should inject or withdraw only as much liquidity as needed to keep overnight rates aligned with the policy repo rate, adding that excess liquidity operations have no independent effect on credit growth. A large surplus of liquidity in the Indian market pushed overnight rates down to below the policy repo rate in recent months and, in some cases, even below the floor of the interest rate corridor. The RBI withdrew 1 trillion rupees ($11.7 billion) from the banking system on Friday through a seven-day variable rate reverse repo, rolling over an operation from last week, to ensure rates don't fall too low. India's policy repo rate, the mid-point of the corridor, stands at 5.50 per cent, while the standing deposit facility (SDF) rate, the floor of the corridor, is at 5.25 per cent. "Pushing up the overnight rate will constitute a tightening of monetary policy at a delicate time. Yet, eventually, the sanctity of the operating target will need to be adhered to," J.P. Morgan economists said.
