Latest news with #DPI
Coin Geek
16 hours ago
- Business
- Coin Geek
Banks, RBI unite to launch digital fraud detection platform
Getting your Trinity Audio player ready... To address the growing threat of digital payment fraud in India, both public and private sector banks are collaborating to build the Digital Payment Intelligence Platform (DPIP), a part of the country's Digital Public Infrastructure (DPI), under the guidance of the Reserve Bank of India (RBI). Given the urgency of the matter for the federal government and the RBI, the platform is reportedly expected to go live in the coming months. The Reserve Bank Innovation Hub (RBIH) has been tasked with developing a prototype of the platform in coordination with 5 to 10 banks. This initiative will utilize cutting-edge technologies, including artificial intelligence (AI) and machine learning, to tackle fraud in the payment ecosystem. The effort follows just days after the RBI's annual report for FY2024–25 revealed a sharp rise in digital payment frauds, with 13,516 cases accounting for 56.5% of all reported banking frauds. However, frauds reported in a year could have occurred several years prior to the year of reporting. 'As digital payments continue to rise, the Reserve Bank's commitment to enhancing security, customer protection and fraud prevention will remain key priorities in 2025-26. The Digital Payments Intelligence Platform is being planned, which will leverage advanced technologies to curb payment related frauds,' the RBI said in its latest annual report. Once launched, DPIP will aggregate data from multiple channels to detect risks and combat digital fraud. Real-time information sharing will allow financial institutions to act quickly against emerging threats, thus ensuring safer digital transactions. This new platform will be designed to improve fraud risk management by enabling the real-time exchange and analysis of intelligence, allowing banks to detect and stop fraudulent transactions more effectively. The institutional setup of DPIP will involve contributions from a wide range of banks, recognizing that fraud is a shared concern across the financial sector. By incorporating AI-driven analytics and fostering instantaneous fraud intelligence sharing among banks, DPIP aims to detect abnormal behavior and suspicious activities early. This collaborative and technology-driven approach underscores India's commitment to securing its digital finance landscape, helping rebuild public trust, and strengthening the nation's position as a leader in safe digital transactions. The initiative comes after the RBI's annual report highlighted a sharp rise in banking fraud, with reported amounts nearly tripling to ₹36,014 crore (about $4.1 million) in FY25. Most incidents by volume occurred in the digital payment space (cards and internet), while the highest value frauds were reported in the lending (advances) segment. Digital payment frauds were the most frequent in private sector banks, while public sector banks saw the bulk of frauds in loan-related transactions. 'Frauds have occurred predominantly in the category of digital payments (card/internet) in terms of number and primarily in the loan portfolio (advances) in terms of value. While card/internet frauds contributed maximum to the number of frauds reported by private sector banks, frauds in public sector banks were mainly in loan portfolios,' RBI said in its annual report. Digital payment frauds surge despite RBI measures Despite RBI's proactive measures—including the adoption of cutting-edge technologies and initiatives such as aimed at identifying fraudulent accounts—digital payment fraud continues to rise at an alarming rate. While valuable, these sophisticated tools are struggling to keep pace with the evolving tactics cybercriminals use. As digital transactions grow in scale and complexity, fraudsters find new ways to exploit system loopholes, often targeting less regulated areas of the financial ecosystem. 'Digital payment frauds in India are surging due to sophisticated fraud techniques, such as AI-driven deepfakes and phishing, outpacing detection tools like [RBI's] Sharat Chandra, founder of EmpowerEdge Ventures and a startup enabler, told CoinGeek. 'The rapid growth of UPI transactions (₹200 trillion / $2.34 trillion) creates a vast attack surface, overwhelming systems. Many users lack financial literacy, falling for scams like fake QR codes or one-time-password sharing. Regulatory gaps, including delays in enforcing the Digital Personal Data Protection Act, and legal barriers to sharing fraudster data hinder prevention,' Chandra pointed out. Chandra noted that the lack of cohesive collaboration between banks, fintech companies, and regulators creates gaps that fraudsters can exploit, particularly through loosely regulated platforms such as over-the-top (OTT) services. The situation worsens when financial institutions focus more on rapid growth than on strengthening security measures. Chandra said that the key challenges include maintaining a seamless user experience while implementing strong security protocols, staying ahead of constantly evolving fraud techniques, and enabling real-time data sharing among all stakeholders. Continuous public education and stricter regulatory oversight are essential to combat fraud. 'The success of DPIP depends on seamless coordination among banks, fintechs, and other stakeholders. Past efforts to create shared databases have been stalled by legal and commercial issues, and similar challenges could delay or limit DPIP's effectiveness,' Chandra added. 1 in 5 UPI user families hit by fraud India's Unified Payments Interface (UPI), a real-time payment system that supports peer-to-peer and merchant transactions, has seen explosive growth in recent years. RBI's latest annual report states, 'During 2024-25, total digital payments recorded growth of 34.8% and 17.9% in volume and value terms, respectively. Moreover, the success of UPI placed India in a leadership position with a share of 48.5% in global real-time payments by volume.' However, a recent survey reportedly reveals that one in five households with a UPI user has faced fraud at least once in the past three years. This revelation comes amid a sharp rise in UPI transactions, which reached 185.8 billion in FY2024–25—a 41.7% jump from the previous year, now comprising 83.4% of India's total digital payment volume. Alarmingly, 51% of fraud victims did not report the incident to any authority—not the police, their bank, the UPI service provider, or regulatory bodies such as the National Payments Corporation of India (NPCI) or the RBI. This lack of reporting points to significant underrepresentation in official fraud data, suggesting that actual cases may be far higher. The survey, which collected over 32,000 responses from UPI users, also found that fraudsters are taking advantage of the rapid uptake of digital payments through a wide range of deceptive methods. Regulators fight back In response to the growing threat of digital payment fraud, the RBI, the National Payments Corporation of India (NPCI), and the Government of India have introduced a series of strategic initiatives to strengthen the security of the digital financial ecosystem. To enhance user trust and tackle phishing attempts, dedicated and secure domain extensions such as '. and '. are being rolled out. These exclusive domains are intended for authorized financial institutions, providing users with a trusted online environment and reducing the risk of impersonation or spoofed websites. In December 2024, the RBI introduced an advanced AI/ML-based tool specifically designed to identify and track mule accounts—bank accounts used as conduits for laundering money or conducting unauthorized transactions. On the public-facing side, the government has established the National Cybercrime Reporting Portal, along with a dedicated helpline number, 1930, to make it easier for individuals to report cases of digital fraud or suspicious activity. This initiative aims to improve fraud reporting rates and ensure victims have quick access to support and redressal mechanisms. NPCI—the central body responsible for overseeing retail payments and settlement systems in India—and the Institute for Development and Research in Banking Technology (IDRBT) have entered into an agreement to jointly enhance cybersecurity and resilience within India's digital payments infrastructure. Under this collaboration, both organizations will design and deliver specialized training programs aimed at technology and cybersecurity professionals working in the banking and digital payment sectors. These programs will address critical topics, including cybersecurity best practices, operational resilience, and data privacy, ensuring that professionals are equipped to meet evolving digital threats. 'Strengthening cyber resilience is not just about technology, but also about people and preparedness. Our partnership with IDRBT will enable structured capacity building across the ecosystem through training, certifications and sharing threat intelligence. This collaboration reinforces NPCI's commitment to proactive risk management and elevating security standards across digital payments,' said Dilip Asbe, MD and CEO of NPCI. A key outcome of the partnership will be creating a dedicated NPCI-certified payment security certification program tailored to current industry challenges and in line with regulatory expectations. This initiative aims to standardize and elevate security expertise across the payments ecosystem. Additionally, IDRBT will provide its advanced threat intelligence service to NPCI and its partners. This will enable real-time sharing of threat data, helping institutions within the NPCI network proactively defend against cyber threats and strengthen the overall security posture of the digital payments landscape. Together, these efforts represent a multi-pronged approach to securing India's digital payments landscape, combining technology, regulatory oversight, and public engagement to mitigate fraud and protect users. Watch: 'Disruptive' blockchain can be useful for India title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen="">
India Gazette
a day ago
- Business
- India Gazette
India's tax reforms, digital push have increased revenue, cut compliance costs: FM Sitharaman
New Delhi [India], July 1 (ANI): Union Finance and Corporate Minister Nirmala Sitharaman on Tuesday said that India's tax reforms and digital transformation in tax administration have increased revenue and reduced compliance costs. Speaking at the Third Plenary Meeting during the #FFD4 in Seville of Spain, the Finance Minister said, 'We support international cooperation to modernise tax systems and curb illicit financial flows. India's comprehensive tax reforms and digital transformation in tax administration have increased revenue and reduced compliance costs.' 'We believe that optimal regulation fosters innovation and stability. The Indian financial system promotes inclusivity through easier credit and lower compliance costs, especially for MSMEs. We have developed a dynamic ecosystem for start-ups and PPPs in infrastructure,' she added. Finance Minister added that India supports reforms to the international financial architecture to enhance inclusivity and equity, including Multilateral Development Banks (MDBs) reforms and fairer credit rating systems. She added that MDB lending must be aligned with long-term development goals and backed by robust monitoring frameworks to ensure that funds are used as intended. Sitharaman in her address added that the country has consistently placed people at the centre of its development strategy. 'Through targeted policy interventions, we have lifted 250 million people out of multidimensional poverty, and empowered communities through inclusive Digital Public Infrastructure (DPI),' she added. However, for robust global growth, national efforts must be complemented by an enabling international environment, the Union Finance Minister asserted. Going further, she said, 'We remain committed to South-South and Triangular Cooperation. We support the call for a reversal in the decline of ODA, and urge developed countries to enhance climate finance that is predictable, accessible, and concessional, particularly for adaptation in vulnerable countries.' 'In the spirit of India's civilizational ethos - 'Vasudhaiva Kutumbakam' or 'The World is one family' - we must unite in our efforts to drive meaningful change that benefits all,' FM stated. 'We are meeting here in Seville, a decade after the adoption of the Addis Ababa Action Agenda, acknowledging the progress made by nations in navigating complex global landscapes, and finding ways to address current challenges that continue to stand in the way of financing global development goals. With many SDG targets off track and a financing gap exceeding USD 4 trillion annually for developing countries, the need for urgent and transformative action is clear,' Finance Minister further added. (ANI)
Indian Express
2 days ago
- Business
- Indian Express
How India Energy Stack could be a UPI moment for India's power sector
Picture this: Solar panels on your rooftop generate excess power, which you store in a battery at your neighbour's home — and draw back in the evening. In return, a payment for renting the battery is instantly transferred from your bank account to your neighbour's, enabled by a digital public infrastructure (DPI) as seamless as UPI. Now, with the government setting up a task force led by Infosys co-founder Nandan Nilekani, a digitally integrated future for India's power sector is beginning to take shape. The proposed India Energy Stack (IES) aims to do for the power sector what Aadhaar did for identity, and UPI for finance. By digitally integrating India's fragmented power ecosystem — from producers and grid operators to consumers, exchanges, and regulators — the IES will enable peer-to-peer energy trading, support aggregated demand-response programmes amid rising renewable integration, and facilitate smoother compliance with carbon offsetting. The 17-member task force, constituted by the Ministry of Power on June 27, has Nilekani as its chief mentor and is charged with designing and charting a roadmap for the nationwide rollout of the IES — a process expected to take several years. Why is a DPI-style intervention needed? In India, electricity is a concurrent subject, meaning both the Union and state governments share responsibility for its governance, which has contributed to a highly fragmented sector, leading to 'isolated digital islands rather than an integrated national platform'. This fragmentation, according to a concept brief by New Delhi-based FSR Global — knowledge partner for the IES initiative – 'creates significant operational challenges that impede the energy sector's ability to meet India's growing energy demands efficiently'. The brief identified four key challenges facing the power sector that the IES could help address. First, there is no unique identifier for consumers, assets, or stakeholders. Second, decision-making is hampered by the lack of access to harmonised, real-time data. Third, those seeking to offer solutions in this space struggle to scale, as they depend on various proprietary digital platforms. And fourth, there is no interoperability between these digital systems, which prevents cross-regional data sharing and cross-discom transactions. 'In other words, the challenges faced by India's energy sector resemble those faced by the identity and financial sectors prior to the introduction of Aadhaar and UPI. And, just as these DPIs transformed their respective domains, a similar approach can revolutionise the energy sector,' the brief said. What are the possibilities with the IES? Beyond enabling unique identification, full integration, and interoperability, the IES can help unlock an entirely new ecosystem — one where energy fintech, virtual power plants, and peer-to-peer trading can thrive on a standardised, interoperable digital infrastructure. The possibilities are many. Consumers – and producer-consumers, or prosumers – could instantly buy surplus energy to store in batteries or sell rooftop solar output at peak prices. The IES would deepen the decentralisation of electricity and allow prosumers to manage their assets more actively and efficiently. Grid operators could make far more precise load-balancing and dispatch decisions, while energy producers could reduce curtailment or track carbon offsets using transparent performance data. The utility of IES is based on its ability to maintain the integrity of data, processes, and settlements across the board. A key component of this architecture is the Utility Intelligence Platform (UIP) – a primary application layer built on the IES foundation that would enable all of these services. Who's leading the task force, and what's next? The government is positioning the IES as a natural extension of its successful DPI projects like Aadhaar and UPI, evident by the selection of individuals included in the task force. Nilekani, the founding chairperson of the Unique Identification Authority of India (UIDAI), will serve as chief mentor. Ram Sevak Sharma, the first director general of UIDAI, will chair the task force, and Pramod Verma, the chief architect of Aadhaar, returns in the same capacity for this initiative. REC Ltd, a central public sector undertaking, will serve as the programme nodal agency for the IES initiative. The 17-member task force will be supported by five expert working groups — on technology, distribution, system operations, generation, policy and regulation, and markets — comprising 35 members in total. 'The Ministry of Power will undertake a 12-month proof of concept (PoC) to validate the India Energy Stack by implementing its foundational building blocks and demonstrating its value through real-world use cases,' the concept brief said. The IES 'will be deployed over the coming years', it added. While concept-proofing may be swift, given India's prior experience with DPIs, the timely rollout of the IES will hinge on several factors — including cooperation from state utilities, rapid adoption of smart meters and other digital enablers, and the success of trial runs. Aggam Walia is a Correspondent at The Indian Express, reporting on power, renewables, and mining. His work unpacks intricate ties between corporations, government, and policy, often relying on documents sourced via the RTI Act. Off the beat, he enjoys running through Delhi's parks and forests, walking to places, and cooking pasta. ... Read More
Time of India
2 days ago
- Business
- Time of India
Digital India: PM Modi hails 10 years of initiative; says it's now a ‘people's movement'
File photo: PM Modi (Picture credit: PTI) Prime Minister Narendra Modi on Tuesday marked ten years of the Digital India initiative with a detailed reflection on its transformative journey, calling it a movement that has empowered 140 crore Indians and elevated India to global digital leadership. In an article shared on LinkedIn, the PM wrote, 'While decades were spent doubting the ability of Indians to use technology, we changed this approach and trusted the ability of Indians to use technology.' Launched in 2015, Digital India was aimed at democratising access to technology and governance. Reflecting on its scale and success, the PM wrote, 'From how we govern, to how we learn, transact, and build, Digital India is everywhere.' PM Modi underlined that internet connections in India have jumped from 25 crore in 2014 to over 97 crore today. Over 42 lakh kilometres of Optical Fibre Cable, equivalent to 11 times the Earth-Moon distance, now links even the remotest villages. He highlighted that India's 5G rollout is among the fastest globally, reaching forward military zones such as Galwan and Siachen. As per a recent PIB release, nearly 6.92 lakh km of optical fibre has been laid under BharatNet , covering over 2.18 lakh Gram Panchayats. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Memperdagangkan CFD Emas dengan salah satu spread terendah? IC Markets Mendaftar Undo Internet users have risen by 285per cent in the past decade, and data costs have plummeted to under ₹10 per GB. The PM also cited key digital platforms that have become global models — from UPI , now handling over 100 billion transactions annually, to Direct Benefit Transfers worth ₹44 lakh crore that have cut leakages and middlemen. As per official figures, DBT has saved the government over ₹3.48 lakh crore by removing fake beneficiaries. 'Schemes like SVAMITVA have issued 2.4 crore+ property cards and mapped 6.47 lakh villages, ending years of land-related uncertainty,' he noted. Calling India's digital economy a force for inclusion, the PM spotlighted ONDC and GeM as tools that have empowered MSMEs, artisans, and women-led enterprises. 'ONDC recently crossed 200 million transactions… GeM has crossed ₹1 lakh crore GMV in just 50 days,' he said. He added that platforms like CoWIN, DigiLocker and FASTag have made India's Digital Public Infrastructure (DPI) a model for the world. Through India's G20 Presidency, the country launched a global DPI repository and a $25 million fund to help other nations adopt inclusive tech systems. According to the PIB, India's digital economy contributed 11.74per cent to GDP in 2022–23 and is expected to rise to 13.42per cent by 2024–25, with projections placing its share near 20per cent by 2030. On the startup front, the PM wrote that India now ranks among the world's top three ecosystems, supported by initiatives like the $1.2 billion IndiaAI Mission. As of May 2025, India had over 34,000 GPUs, the largest affordable compute access in the world. 'Digital India has not remained a mere government programme; it has become a people's movement,' PM Modi concluded. 'Let us build what empowers. Let us lead with technology that unites, includes, and uplifts', he wrote.
India Gazette
2 days ago
- Business
- India Gazette
PM Modi's 5-nation tour to focus on boosting bilateral cooperation in critical minerals
New Delhi [India], July 1 (ANI): With 21st-century technologies increasingly reliant on critical minerals, Prime Minister Narendra Modi's upcoming five-nation tour, beginning July 2, is expected to expand India's bilateral cooperation in sectors such as mining, mineral resources, and energy. At a special briefing ahead of PM Modi's visits to Ghana, Argentina, Brazil, Trinidad and Tobago, and Namibia, Secretary (Economic Relations) in the Ministry of External Affairs (MEA), Dammu Ravi, spoke about the growing importance of critical minerals for new-age technologies. 'In terms of critical minerals, the new technologies of the 21st century, all of them depend on critical minerals, and we have to be aware of the fact that these technologies of the 21st century, critical minerals are very, very important. We have to find ways to get bilateral understanding mechanisms to be able to capture that. And just not in the context of bilaterally, but also in terms of partner countries, partnering with many countries to be harnessing critical minerals, both in terms of the processes and acquiring these minerals around the world,' Ravi said. Ravi highlighted the mineral wealth of Africa and Latin America, saying, 'Africa is full of those minerals, and we believe that we have to be much more focused on being able to tap that resource in Africa. And I think KABIL and National Mineral Development Corporation they're very much actively looking at opportunities in Africa. In this context, the Prime Minister's visit to both Ghana and Namibia becomes very important. These are areas where we believe there's a lot of opportunity, and we will be looking at it very closely.' He added that defence cooperation, critical minerals, and digital public infrastructure (DPI) will be among the top items on the agenda during the Ghana leg of the tour. Meanwhile, Secretary (East) P Kumaran informed that PM Modi will attend the BRICS Summit in Brazil, which will be followed by a state visit. Earlier, PM Modi had visited Brazil on three occasions, the first in July 2014, followed by another visit in 2019 to attend the BRICS summit, and in November last year to attend the G20 summit in Rio de Janeiro. Speaking about the upcoming state visit, Kumaran, said, 'The state visit will provide an opportunity to review the entire gamut of our partnership, including trade and investments, oil and gas, renewable energy, mining and critical minerals, defense and security, agriculture and livestock, healthcare and traditional medicine, tourism, space, science and technology, DPI, and also sports and people-to-people relations in general. Both leaders will also be discussing during their talks global issues of mutual interest.' He also stated that India and Brazil are looking at a few important bilateral Memoranda of Understanding (MoUs) and agreements, especially in renewable energy, agricultural research, and security cooperation. Additionally, Kumaran highlighted that Prime Minister Modi's visit to Argentina will be the first bilateral visit by an Indian Prime Minister in the last 57 years and described it as 'historic'. He noted that India's advancements in defence manufacturing, the space sector, and emerging areas such as information technology and digital public infrastructure (DPI) can offer valuable expertise to Argentina. 'Our expertise in Telemedicine and Digital healthcare solutions are also an offer for Argentina in expanding access to medical services and improving overall quality and cost-effective healthcare delivery,' he added. Kumaran pointed out that Argentina holds the world's second-largest shale gas reserves and the fourth-largest shale oil reserves, along with substantial conventional oil and gas deposits, making it a potentially important energy partner for India in the future. 'Argentina's rich reserves of critical minerals such as lithium, copper and other rare earth elements complement India's growing need for secure and sustainable supplies to these elements for its clean energy transition and industrial growth. India's public sector, KABIL, has already won a few concessions in Argentina since 2024. Our leaders will be discussing more on this subject,' he said. 'The visit is expected to further strengthen the strategic partnership and open new avenues of cooperation. These include trade and investment, health and pharmaceuticals, defence and security infrastructure, mining and mineral resources, agriculture and food security, green energy, ICT, digital innovation, disaster management, S&T, education and people-to-people linkages,' he added. (ANI)
