The platform is being set up to detect and prevent fraudulent digital transactions in public sector banks.
| Photo Credit:
FRANCIS MASCARENHAS
State Bank of India (SBI) and Bank of Baroda (BoB) on Wednesday said they have received the Reserve Bank of India’s (RBI) approval to set up a company for creating a “Digital Payments Intelligence Platform”.
The company ‘Indian Digital Payment Intelligence Corporation’ (IDPIC) will be established as a Section 8 company (a special type of non-profit organisation) under the Companies Act, 2013. It is being set up to detect and prevent fraudulent digital transactions in public sector banks.
The approval is subject to the exemption granted by Department of Financial Services, Ministry of Finance, Government of India, to the banks from a Section 19(2) of the Banking Regulation Act, 1949, to hold shares in excess of 30 per cent of the paid-up share capital in the proposed company till October 16, 2026.
Published on December 10, 2025
