India Payment Policy Talks Tackle Fraud and Data Rules as UPI Surges

Policymakers and fintech executives met in Mumbai this week to debate new rules for India's digital payment system. The talks centered on fraud prevention, cybersecurity, and consumer protection as transaction volumes climb.

Monthly UPI volumes now top 15 billion. Fraud cases have risen in step, participants said. A Reserve Bank of India official at the event said the goal is "a secure system that doesn't throttle innovation." The official declined to specify which rules were under review.

One attendee, a risk executive at a top payment app, said the industry expects tighter standards on data storage and transaction monitoring. "The current fraud-loss sharing model is unclear," he said. "Banks and apps need a clearer liability split."

The conclave follows a string of high-profile phishing and account takeover incidents over the past year. A separate working group is studying the viability of a centralized fraud registry, the central bank official confirmed.

No timeline for new rules was announced. The next committee meeting is set for June, participants said.