SBI and BoB to Lead Digital Payments Intelligence Body to Curb Fraud

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