RBI to set up “Central Payment Fraud Registry”

The Reserve Bank of India has decided to set up a “Central Payment Fraud Registry”. The registry will track frauds in the payment systems. Under this registry, payment system participants will be provided access to it for near-real time fraud monitoring. The aggregated fraud data will be published to educate customers on emerging risks.

Currently, banks report all banking frauds to the Central Fraud Monitoring Cell of the Reserve Bank of India.

Source: The Live Mint

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