Govt sets up India Digital Payment Intelligence Corp to contain cyber frauds

The government has set up the India Digital Payment Intelligence Corporation (IDPIC) to share real-time fraud intelligence and alerts to the banks and financial institutions in order to contain cyber financial frauds, Finance Minister Nirmala Sitharaman said on Tuesday.

In a reply to a question in the Rajya Sabha, she said the new entity has been set up in consultation with the Reserve Bank of India (RBI) to check growing incidents of cyber frauds.