The Reserve Bank of India (RBI) on Thursday launched discussion paper to seek public feedback on certain additional measures that can be introduced to curb the menace of digital fraud.
The RBI proposed four key measures to curb cyber frauds. These include: I) lagged credit for high value push payment transactions, II) making an additional authentication layer by trusted person for high-value transactions III) allowing only accounts with sufficient review to receive large credits and IV) applying customer-induced controls for high value digital transactions.
The RBI had in February announced that it will introduce a discussion paper to explore ways to prevent cyber frauds and has sought public feedback on the suggested additional measures by May 8.
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Digital fraud volumes rose to 28 lakh in 2025, higher than 24 lakh in 2024. Value wise, digital fraud value increased to Rs 22,931 crore in 2025 from Rs 22,848 crore in 2024.
A day ago, RBI launched draft norms pertaining to banks' engagement with business correspondents (BCs). Banks use BCs to source deposits, loans and provide basic banking services in the under-served remote parts of the country.
The regulator has proposed to define three types of delivery points—branch, Business Correspondent- Banking Outlet (BC-BO) and Business Correspondent- Banking Touchpoint (BC-BT). The regulator also proposed simplifying the eligibility criteria for lenders to engage with BCs.
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“BCs have been functioning as critical enablers of last mile access to financial services, particularly in respect of underserved, ural, and remote locations. Reserve Bank had set up a committee, consisting of officials from Reserve Bank, DFS, IBA and NABARD, to comprehensively examine their operations and make suitable recommendations for enhancing their efficiency,” the regulator said.
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