On 26-12-2022, the Reserve Bank of India (‘RBI’) has announced the Central Payments Fraud Information Registry (‘CPFIR’)- Migration of Reporting to DAKSH for reporting of payment frauds by scheduled commercial banks and non-bank Prepaid Payment Instrument issuers to streamline reporting, enhance efficiency and automate the payments fraud management process. The migration will come into effect from 1-1-2023.
DAKSH- the RBI’s Advanced Supervisory Monitoring System:
In addition to facility to report payment frauds, DAKSH also provides:
Online screen-based reporting, option for requesting additional information
Facility to issue alerts/ advisories
Generation of dashboards and reports
*Kriti Kumar, Editorial Assistant has reported this brief.