RBI advises banks to integrate DoT's financial fraud technology
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.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
3 hours ago
- Time of India
Fresh loan spreads widen in May as banks look to save on margins
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Mumbai: The average fresh loan spread of Indian banks increased by 17 basis points to 3.09% in May, indicating lenders' focus on protecting margins, according to data released by the Reserve Bank of India (RBI). Private sector banks led the increase, widening spreads-the difference between the average lending rate they charge on borrowers and their cost of funds-by 34 basis points to 3.86%, while public sector banks raised spreads by 6 basis points to 1.79%, RBI data data, experts said, reflects a cautious stance by banks toward aggressive credit expansion amid persistent pressure on lending margins even as the central bank has cut repo rates-the rate at which it lends to banks-by 100 basis points since February, including 50 bps cut in early June."In May 2025, banks witnessed an increase in spreads amid ongoing rate transmission, with fresh spreads remaining above outstanding spreads, reflecting the lag in repricing existing loans," said Sanjay Agarwal, senior director at CareEdge Ratings. "The demand for retail credit is subdued, and there is lower enthusiasm among banks to support credit growth, owing to margin pressures," he of May, outstanding lending rates across banks dipped marginally by 1 basis point month-on-month to 9.67%, RBI data showed. Public sector banks saw a decline of 2 basis points to 9%, while private sector banks witnessed a 2-basis point increase to 10.65%.Fresh lending rates eased by 6 basis points on month to 9.20% in May, driven by surplus liquidity conditions and the transmission of policy rate point to the structure of bank loan portfolios as a key reason for the slow and uneven rate transmission, citing the mix of credit portfolios across fixed and floating interest rate structures and varied spreads charged by banks.A significant share of loans is still benchmarked to the marginal cost of funds-based lending rate (MCLR), which has longer reset cycles, slowing the pace of policy of end-March 2025, 61.6% of total outstanding floating rate rupee loans were linked to the external benchmark-based lending rate (EBLR), while 34.9% were tied to the the funding side, banks' outstanding deposit rates fell by 4 basis points to 7.07% in May, as policy-driven easing, surplus liquidity, and repricing of deposit portfolios exerted downward pressure. Fresh deposit rates saw a sharper decline of 23 basis points to 6.11% in interest margins (NIMs) have been on a declining trend, with system-wide NIMs falling to 3.5% as of March 2025. Private sector banks reported NIMs of 4.1% in March, while public sector banks stood at 3%."Despite front-loading of rate cuts, we expect margin compression to be limited in this cycle, given the sharp reduction in savings and term deposit rates by banks relative to lending rates," said Suresh Ganapathy, head of financial services research at Macquarie Capital.
&w=3840&q=100)
Business Standard
4 hours ago
- Business Standard
Infomerics Valuation and Ratings eyes strategic investor to grow biz
While organic growth remains the focus, Infomerics would also scout for acquisition in analytics and technical support space Abhijit Lele Mumbai Listen to This Article Infomerics Valuation and Rating, a Delhi-based Reserve Bank of India (RBI)-accredited credit-rating agency, plans to rope in a strategic investor to enhance domain knowledge, and bring in technical expertise and systems to scale up business. Shubham Jain, group chief executive officer (CEO), Infomerics, told Business Standard: 'We are not looking at a financial investor. So, not a private equity (PE), or any such person. It has to be a strategic investor, because we need more domain expertise and technical assistance in terms of further strengthening methodologies, governance practices, and overall processes.' Infomerics is a cash-flow-positive company, which is sitting on
Mint
5 hours ago
- Mint
Indian economy to grow 6.4-6.7% in FY26 amid geopolitical risks, says CII president; 3-tier GST structure backed
The Indian economy is estimated to grow 6.4-6.7 per cent in the current financial year due to strong domestic demand amid risks posed by geopolitical uncertainty, the newly appointed CII President Rajiv Memani said during a press conference on Thursday. He further advocated for a three-tier goods and services tax (GST) rate structure, with essential goods attracting 5 per cent, luxury and sin goods at 28 per cent, and the rest of the items in the 12-18 per cent range. The current GST system is a four-tier tax structure with 5 per cent, 12 per cent, 18 per cent and 28 per cent slabs. Luxury and demerit goods fall under the highest slab of 28 per cent, while packed food and essential items are charged the lowest 5 per cent slab. Speaking on India's growth, Memani said that factors such as a good monsoon forecast, liquidity boost due to the Reserve Bank of India's (RBI) cash reserve ratio (CRR) cut, and interest rate reduction will help in the economic growth of the country. Highlighting risks for the Indian economy, Memani said, 'A lot of these relate to external trade risk. I think a lot of them have been factored in, and also there are some upside. So hopefully they should get balanced out... From a CII standpoint, we're looking at 6.4-6.7 per cent growth.' However, Memani assured that these risks to growth are evenly balanced, and geopolitical uncertainty poses downside risks whereas strong domestic demand is an upside. According to the RBI forecast, the economy is estimated to grow 6.5 per cent in FY26. In June, the central bank slashed the CRR by 100 basis points, which is expected to boost liquidity by bringing ₹ 2.5 lakh crore to the banking system. Meanwhile, the benchmark interest rate was cut 50 basis points to 5.5 per cent. Memani emphasised that GST requires rate rationalisation. 'Under GST 2.0, we have called for rate rationalisation, especially on products that are consumed by lower-income segments. Several products taxed at 28 per cent, including cement, should also be reduced... we believe this will boost economic activity,' he said. Memani also urged simplifying the GST framework and emphasised the importance of building a national consensus on goods such as petroleum, electricity, real estate, and potable alcohol in GST.
