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RBI to set up fraud registry for payments; NEFT to become 24×7 service

The RBI will set up Central Payment Fraud Registry and make NEFT a 24x7 service from December 2019, RBI governor Shaktikanta Das said during the monetary policy press conference held on August 7. The registry used to track payment system frauds. Das said payment systems participants will be granted access to the registry for "almost" real-time fraud monitoring, and aggregated fraud data will be published "to disseminate information on emerging risks". The registry was earlier proposed by the Nandan Nilekani led Digital Payments Committee and was also mentioned in the RBI’s Payments Vision Document 2019 to 2021. Nilekani’s committee noted that the regulator must facilitate the creation of a central fraud registry that tracks all reported fraud, which is accessible to all payment system participants on a near real-time basis. The bank has also made its NEFT (National Electronic Funds Transfer) payment system will become a 24x7 service starting December 2019; RBI's expects this to "revolutionise" retail payments in the country. Currently, NEFT transactions work only during banking hours. A transaction made on Sunday, a bank holiday, will be cleared on Monday once the bank opens. According to an Economic Times report, a detailed framework for proposed registry would be released by the month of October. Last month, ET had also reported that the industry experts wanted a common registry to deal with consumer banking frauds. According to the ET report, currently, RBI has Central Fraud Monitoring Cell in place where all the banks report their frauds. However, this proposed…

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