Govt Sets Up India Digital Payment Intelligence Corporation to Combat Cyber Fraud

New Delhi, Jul 28: The Centre has established the India Digital Payment Intelligence Corporation (IDPIC) to strengthen the fight against cyber financial fraud by enabling real-time sharing of fraud intelligence and alerts among banks and financial institutions, Finance Minister Nirmala Sitharaman informed the Rajya Sabha on Tuesday. Replying to a question in the Upper House, Sitharaman said the new entity has been set up in consultation with the Reserve Bank of India (RBI) and will leverage advanced technologies such as Artificial Intelligence (AI), Machine Learning (ML) and Big Data Analytics to detect and prevent digital payment fraud. GeographicReference She said the initiative is aimed at enhancing the country’s cybersecurity framework as cyber threats targeting the financial sector continue to rise. The Finance Minister noted that the Indian Computer Emergency Response Team (CERT-In) operates the National Cyber Coordination Centre (NCCC), which monitors cyberspace at the metadata level to identify potential cyber threats and facilitates real-time information sharing with regulators and other stakeholders for timely preventive action. She also highlighted the role of the Computer Security Incident Response Team for the Financial Sector (CSIRT-Fin), established under the supervision of CERT-In, to collect and analyse cyber incident data, issue sector-specific advisories, coordinate incident response and support the development of a robust cybersecurity architecture for the financial sector. Sitharaman further said that the Financial Stability and Development Council (FSDC) has constituted an Inter-Regulatory Technical Group (IRTG) to address issues requiring coordinated action among financial regulators. Additionally, the Indian Banking Association (IBA) has formed a working group comprising banks, financial sector regulators and government agencies to tackle cybersecurity risks arising from emerging technologies and strengthen the resilience of India’s digital financial ecosystem.