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

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.