IDPIC: SBI and BoB to Lead Payments Fraud Intelligence Body
Why in the news
Two big banks will spearhead a shared platform to spot and stop fraudulent transactions across banks as it happens.
Entity details
| Item | Detail |
|---|---|
| Name | Indian Digital Payment Intelligence Corporation (IDPIC) |
| Structure | Section 8 (non-profit) company |
| Authorised / paid-up capital | ₹500 crore / ₹200 crore |
| Shareholders | All 12 public sector banks expected |
| Initial funding | ₹10 crore each from SBI and BoB |
| Board | Two senior SBI and BoB executives initially |
Objectives
- Better risk management amid rising digital transactions.
- Real-time detection of bank frauds.
- Pool data on mule accounts, telecom and location to train an AI fraud-detection system.
Exam angle
- Section 8 company: non-profit.