Archive · 10 Dec 2025
SBI, BoB Approved for Fraud Detection Platform
The State Bank of India (SBI) and Bank of Baroda (BoB) have received permission from the Reserve Bank of India (RBI) to create a new company.
This company, called the Indian Digital Payment Intelligence Corporation (IDPIC), will help stop fraud in digital payments.
It will be a special kind of non-profit organization.
The RBI has given the banks special permission to own more than 30% of the company's shares until October 16, 2026.
This is to help them work together to make digital payments safer for everyone.
SBI and BoB received RBI approval to set up IDPIC for fraud detection in digital payments.
IDPIC will be a Section 8 non-profit company under the Companies Act, 2013.
The approval is subject to an exemption from the Banking Regulation Act, 1949, allowing the banks to hold more than 30% of the shares until October 16, 2026.
The platform aims to detect and prevent fraudulent digital transactions in public sector banks.
The approval was published on December 10, 2025.
- Who
- State Bank of India (SBI) and Bank of Baroda (BoB)
- What
- Received RBI approval to set up a fraud detection platform
- When
- December 10, 2025
- Where
- India
- Why
- To detect and prevent fraudulent digital transactions in public sector banks
- Companies Involved
- State Bank of India (SBI), Bank of Baroda (BoB)
- Platform Name
- Indian Digital Payment Intelligence Corporation (IDPIC)
- Company Type
- Section 8 (non-profit)
- Approval Date
- December 10, 2025
- RBI Exemption
- Exemption from Section 19(2) of the Banking Regulation Act, 1949
- Exemption Validity
- Until October 16, 2026