The Reserve Bank of India (RBI) has decided to migrate the Central Payments Fraud Information Registry (CPFIR), through which scheduled commercial banks and non-bank prepaid payment instrument (PPI) issuers report payment frauds, to its advanced supervisory monitoring system DAKSH from January 1, 2023.
The central bank stated in a circular that the move is an attempt to streamline reporting, improve efficiency, and automate the payments fraud management process. Amazon Pay, EBIXCASH, Ola Money, and Mobikwik wallet are some of the country’s authorised PPI issuers. Furthermore, they are required to report domestic and international payment frauds to the Central Payments Fraud Information Registry (CPFIR) within seven calendar days of the date of reporting by the customer / detection by the entity.
