Reserve Bank of India to leverage Data Analytics for timely fraud detection
Posted on 22 May 2019
Reserve Bank of India to leverage Data Analytics for timely fraud detection
The central bank of India, RBI has decided to encourage the use of data analytics to recognize fraud cases and manage the instant response and recovery actions to it. The move is a part of RBI’s vision 2019-21 for payments and settlements in electronic space. Along with this, certain other measures are also included in the vision aiming at deepening digital payments and reduce the circulation of cash with time.
The central bank has set 4 goals of Vision 2021 which includes 36 peculiar actions over the time span of 36 months. These action points will usher in ease for the users and improve the efficiency of electronic/digital payments. The measures also include coordinating the turnaround time for solving customer complaints. ”The Reserve Bank of India will be addressing the various facets in this regard, with the objective of optimal time lines expected to result in customer delight and certainty of conclusion,” said the vision document.
Major highlights/quotes from the Vision document:
•Decrease in share of paper-based clearing as a percentage of retail payments
•Payment systems like UPI/IMPS likely to register average annualised growth of over 100% and NEFT at 40%
•Number of digital transactions expected to increase more than four times from 2,069 crore in Dec 2018 to 8707 crore in Dec 2021
•Increase in digital modes of payment for purchase of goods and services through increase in debit card transactions at PoS (35% increase by 2021)
•Expected to have 5 million active PoS by 2021