There has been an increase of more than 700 percent in the number of cyber frauds in the country. Keeping this in mind, RBI is now going to take a big step. RBI Governor Shaktikanta Das himself has announced this.
The Reserve Bank of India (RBI) presented its bi-monthly monetary policy on Friday. This time too, no change has been made in the repo rate. But RBI Governor Shaktikanta Das made a big announcement during this time, which will affect crores of people making digital payments in the country.
There has been a 700 percent increase in the number of digital and cyber frauds in the country. Troubled by this, RBI is now going to develop a system that will monitor frauds related to digital payments. This will be a digital payment intelligence platform.
How will this intelligence system work?
While announcing the monetary policy of RBI, Shaktikanta Das expressed concern over the increasing number of digital payment frauds. He said that the digital payment system needs to be protected from such frauds. Therefore, RBI proposes to create a digital payment intelligence platform, which will monitor intelligence at the network level itself. Not only this, it will share data in the entire digital payment ecosystem in real time.
To take forward the development of this platform, the Reserve Bank of India has formed a committee. This committee will examine various aspects related to this platform and its functioning. According to ET's news, the chairman of this committee can be Abhay Hota, who has been the first CEO of National Payment Corporation of India.
RBI is also worried about shopping on loan
Along with this, RBI has also expressed concern about people's increasing habit of shopping on 'Buy Now Pay Later' or EMI. RBI considers this type of shopping or borrowing of money by people as an unsecured loan (loan without guarantee). This also includes loans like personal loans, early salary distributed through digital platforms. RBI is worried about the increasing trend of this unsecured loan.
RBI has taken several strict steps regarding this type of loan in the recent past. Even from digital loans to banks, RBI had made some regulatory provisions for this in the month of November.
While presenting the monetary policy this time, RBI Governor Shaktikanta Das said that the impact of his concerns regarding unsecured loans is visible. Some improvement has been seen in this. He clearly told the banks to maintain a proper balance between their assets and liabilities.
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