The Reserve Bank of India (RBI), the central bank of the country, has initiated steps to increase public awareness on safe digital transactions.

The central bank has instructed payment systems operators to conduct campaigns to educate the users on frauds.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

The move comes at a time when there has been increasing reports on payment frauds in India despite several measures.

In a circular, RBI said: “Inspite of these initiatives, incidence of frauds continue to bedevil digital users, often using the same modus operandi users were cautioned about, such as luring them to disclose vital payment information, swapping sim cards, opening links received in messages and mails, etc.

“There are also cases of users being tricked into downloading spurious apps that access critical information stored on devices.

“It is, therefore, essential that all payment systems operators and participants – banks and non-banks – continue and reinforce efforts to spread awareness about digital safety.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Under the new initiative, all payment systems operators will carry out multi-lingual campaigns through text messages and advertisements to increase awareness.

Users are also advised not to share personal information such as PIN, OTP or passwords. RBI also noted that users should not use open or free wifi-networks for making financial transactions.

Earlier this month, RBI created a Payments Infrastructure Development Fund (PIDF). The $66.2m fund was set up to encourage acquirers to deploy physical and digital point of sale (PoS) infrastructure.

Recently, the central bank also decided to publish select payment systems data daily to support research and innovation.