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:

  • Maker-checker facility

  • 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.

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