The central bank affirmed, in its vision document 2021 for payments and settlements systems in the e-payments space, that data analytics could be utilised for identification of fraud and recovery actions, such as blocking irregular transaction before authorisation. Also, it could help in building trust in the system.
According to RBI, the data would be used to influence regulatory decisions and cutting down on fraud. It also considers that India should become a cashless economy by 2021 through safe, secure, accessible, and affordable e-payment systems. Moreover, affirmed in its vision document called ‘Payment and Settlement Systems in India: Vision 2019 – 2021,’ the new proposal would be implemented between 2019 and 2021.
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