In a bid to provide a security cover to customers being defrauded on online payment platforms, the Reserve Bank of India proposes to study the feasibility of creating a Digital Payments Protection Fund (DPPF).
- The Digital Payments Protection Fund (DPPF) was proposed in the RBI’s Payment Vision 2025 document.
- The RBI also suggested enhancements to the Centralised Payments Fraud Information Registry (CPFIR).
- Scheduled Commercial Banks and nonbank PPI Issuers use the CPFIR for reporting payment frauds. The RBI said that access to Urban Cooperative Banks and RRBs shall be examined.
- The Reserve Bank of India has created a Central Payment Fraud Registry to monitor digital payments related frauds on a real-time basis and provide customers with periodic aggregated data of risks associated with individual payments operators in a bid to improve customer confidence in these channels.
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