2 hrs ago
RBI Accelerates IDPIC Pilot to Fight Digital Payment Fraud
The Reserve Bank of India is testing a new system to help stop digital payment fraud.
The system is called the India Digital Payment Intelligence Corporation, or IDPIC.
It is currently being tested with eight banks.
RBI Deputy Governor Shirish Chandra Murmu said the rollout should happen faster.
IDPIC is meant to share warnings about possible fraud in real time.
It may use artificial intelligence, machine learning and large amounts of data.
Murmu also said people are using digital payments more often.
However, people still keep cash because it can store value.
The India Digital Payment Intelligence Corporation is operating on a pilot basis with eight banks.
RBI Deputy Governor Shirish Chandra Murmu said the Reserve Bank of India is trying to expedite the rollout.
IDPIC is intended to share real-time fraud intelligence and alerts with banks and financial institutions.
The system is expected to use artificial intelligence, machine learning and big data analytics.
Murmu said digital payments are growing while cash remains important as a store of value.
- Who
- The Reserve Bank of India, RBI Deputy Governor Shirish Chandra Murmu, and eight participating banks.
- What
- The RBI is expediting the rollout of the India Digital Payment Intelligence Corporation, which is being piloted to share fraud intelligence and alerts.
- Where
- Mumbai, Maharashtra.
- When
- The update was given on September 18, 2026.
- Why
- To strengthen digital-payment cybersecurity and help combat cyber financial fraud.
Key facts
- Pilot status
- IDPIC is operating on a pilot basis.
- Participating banks
- Eight banks are involved in the pilot.
- Rollout plan
- The RBI is working to expedite the rollout.
- Purpose
- To share real-time fraud intelligence and alerts with banks and financial institutions.
- Technologies
- Artificial intelligence, machine learning and big data analytics.
- Cash trend
- Cash remains significant as a store of value despite rising digital payments.
- Regulatory activity
- The RBI issued more than 600 draft and final amendment circulars over the past year.
Quotes
Shirish Chandra Murmu
Reserve Bank of India Deputy Governor
“We are looking at cash in circulation... when digital transaction peaks up, to that extent or correspondingly, it should come down. Which we don't see much,”
freepressjournal.in
“More and more formalization is happening... So we are very hopeful directionally. Digital is picking up very well,”
freepressjournal.in
Sources
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