RBI guv flags increasing digital frauds

Unified Market Interface being conceptualised for market infra

- MANO)IT SAHA

Increasing digital frauds are becoming a problem for the regulator, Reserve Bank of India (RBI) Governor Sanjay Malhotra said on Wednesday at the Global Fintech Fest (GFF) while urging the fintech ecosystem to prioritise customers, and develop products that areeasy touse and accessible for all.

Malhotra also said the central bank is conceptualising “Unified Market Interface” as a new next-generation financial market infrastructure. “This interface will have the capability to tokenise financial assets and settlements using wholesale CBDC (central bank digital currency),” he said.

‘Observing that artificial intelligence (AI) holds the future, Malhotra said “...digital fraud is increasingly becoming a problem for us”. He added that there is a need to develop a digital public infrastructure for data integration.