Reserve Bank of India has taken a positive step towards curbing them by keeping a close watch. The RBI is planning to start a new register for tracking all fraud payments.
RBI To Launch a Central Payment Fraud Registry
During the Monetary Policy press conference, which is held after every two months, Governor Shaktikanta Das has introduced some new regulatory policy measures. These measures have been put in place with the intention of improving the Payment and Settlement Systems.
This system was first suggested by the committee led by Nandan Nilekani.
He declared the launch of a central registry system, that will be called the ‘Central Payment Fraud Registry’.
Das said, “In order to carry forward these efforts and ensure quick and systemic responses, it is proposed to facilitate the creation of a Central Payment Fraud Registry that will track these frauds. Payment system participants will be provided access to this registry for near-real time fraud monitoring.”
The ‘Central Payment Fraud Registry’: How Will It Work
This registry will be designed similar to the Central Fraud Registry which is already implemented. However, this platform is a searchable database for banks to discover scams attempted by creditors.
Das also said that all the data about frauds will be published so that customers will be aware of any risks that might surface. A detailed structure of this platform will be made ready by the end of October…….Read More>>