Source: ET
Context:
State Bank of India (SBI) and Bank of Baroda (BoB) will spearhead the establishment of a digital payments intelligence platform aimed at detecting and preventing fraudulent transactions in real time across banks.
Entity Formation:
- Name: Indian Digital Payment Intelligence Corporation (IDPIC)
- Legal Structure: Section 8 company (non-profit)
- Authorized Capital: ₹500 crore
- Paid-Up Capital: ₹200 crore
- Equity Participation: All 12 public sector banks (PSBs) expected to hold stakes
- Initial Funding: SBI and BoB to contribute ₹10 crore each
- Governance: Two senior executives from SBI and BoB will join as directors initially
Objectives:
- Strengthen risk management in the banking system amid rising digital transactions
- Detect and prevent bank frauds in real time
- Consolidate data from multiple sources (mule accounts, telecom, geographical location) and train an AI system for fraud detection
