RBI Measures to Combat Payment Frauds and Enhance Banking Efficiency
| Key Measure | Details |
|---|---|
| Digital Payments Intelligence Platform | Aimed at combating domestic payment frauds (₹2,604 crore in March 2024, up 70.64%). A committee led by A.P. Hota will provide recommendations within two months. |
| Revised Bulk Deposits Limit | Definition revised: ₹3 crore and above for commercial/SFBs, ₹1 crore for local area banks. Allows differential interest rates based on ALM needs. |
| Automatic e-Mandate Facility | Introduces automatic replenishment for Fastag/NCMC accounts below customer-set thresholds, eliminating pre-debit notification requirements. |
| UPI Lite e-Mandate | UPI Lite included in e-mandate framework with auto-replenishment. No additional authentication for transactions up to ₹500. |
| Rationalization of Export/Import Norms | RBI to simplify guidelines for cross-border trade, aligning with global trade dynamics to ease business operations. |