RBI to set up central registry for tracking frauds in payment systems

  1. The Reserve Bank of India has announced the creation of a central payments fraud information registry.The registry would ensure a quick and systemic response in cases of financial frauds.
  2. At present,there is a mechanism in place for banks to report all banking frauds to the Central Fraud Monitoring Cell of the Reserve Bank.
  3. RBI has said that payment system participants will be provided access to this registry for near-real-time fraud monitoring.Further,the aggregated fraud data will also be published to educate customers on emerging risks.
  4. This fraud registry was established as RBI in its Vision document 2021 has said that it expects the number of digital transactions to increase more than four times till December 2021.