Reserve Bank of India has announced a new Digital Payment Intelligence Platform to help banks tackle rising fraud in online transactions. RBI Governor Sanjay Malhotra revealed the plan at the FIBAC conference in Mumbai on 11 August 2026. The platform will use artificial intelligence and machine learning to detect suspicious activity and protect customers.
Malhotra said technology must be combined with human judgement. Banks will remain accountable for decisions and must ensure strong governance. RBI has directed banks to maintain a full list of AI models they use and adopt board approved policies for AI governance. Stress testing and red team exercises will be required to check fraud resilience. Smaller banks that depend on vendors must also ensure data protection.
The RBI has also introduced reforms to improve customer centricity and reduce costs. The PRAVAAH platform has been strengthened with automation. Rules for current accounts, bulk deposit pricing and project finance have been rationalised. Credit growth is being supported through changes in priority sector lending and regulations for alternative investment funds. The banking sector is expected to meet Basel III standards by financial year 2028.
Malhotra highlighted that India’s digital public infrastructure can boost financial inclusion. RBI is expanding the Unified Lending Interface and Account Aggregator framework. He warned that careless use of AI could create new forms of exclusion.
