SBI, BoB to lead new fraud prevention platform Indian Digital Payment Intelligence Corp
27 Oct 2025, 04:27 PMThe initiative will operate as a nonprofit entity with authorized funding of Rs 500 crore and initial working capital of Rs 200 crore.
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India's largest bank State Bank of India (SBI) along with state-run lender Bank of Baroda (BoB) will lead the formation of a new nationwide fraud prevention system called the Indian Digital Payment Intelligence Corporation (IDPIC), The Economic Times reported.
This real-time monitoring platform is being developed to combat the escalating threat of banking fraud in digital transactions.
The initiative will operate as a nonprofit entity with authorized funding of Rs 500 crore and initial working capital of Rs 200 crore.
SBI and BoB have each committed ₹10 crore as seed investment, with senior officials from both institutions set to serve on the board.
All dozen state-owned banks are expected to become stakeholders in this venture.
The Reserve Bank of India (RBI) has approved the organizational framework for IDPIC, while the finance ministry has forwarded the proposed name to corporate affairs authorities for official registration. This development comes as fraudulent activities in the banking sector have surged dramatically.
Between April and January of FY25, Indians lost Rs 4,245 crore to digital fraud across 24 lakh reported cases, according to the Ministry of Finance.
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