WHAT IS THE RBI’S DIGITAL PAYMENTS INTELLIGENCE PLATFORM?
The RBI’s Digital Payments Intelligence Platform is a proposed initiative to enhance the security and reliability of digital payments, aiming to boost consumer confidence and mitigate fraud risks.
WHO IS LEADING THE COMMITTEE FOR THIS INITIATIVE?
The committee is led by A P Hota, who will provide recommendations within two months.
WHAT TECHNOLOGIES WILL BE USED IN THE PLATFORM?
The platform will harness advanced technologies like AI and machine learning to identify and mitigate payment fraud risks.
WHAT ARE THE EXPECTED BENEFITS OF THIS PLATFORM?
The platform aims to:
• Enhance the security of digital payments.
• Boost consumer confidence.
• Mitigate fraud risks.
• Provide accessible and secure financial solutions, particularly empowering India’s youth.
HOW WILL THIS PLATFORM IMPROVE CONSUMER TRUST?
By integrating advanced technologies to mitigate payment fraud risks, the platform will create a safer digital payments environment, thereby bolstering public confidence.
WHAT IS THE RBI’S COMMITMENT TO CUSTOMER PROTECTION?
The RBI’s commitment is evident in their consistent efforts to introduce guidelines surrounding data protection, cybersecurity, and KYC procedures, all aimed at prioritizing customer protection.
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