RBI To Set Up Compliance Portal To Track Cyber Fraud

ECONOMY

The Reserve Bank of India (RBI) would set up a compliance and tracking system portal to tackle the proliferation of cyber-fraud and seeks to establish a better redressal mechanism for consumers. With digital transactions gaining traction, RBI’s customer-protection measures are seen as a bid to promote and improve confidence in the digital channel. This will support the government’s objective of creating a ‘less-cash’ economy.

The Reserve Bank is actively engaged in improving customer service in banks by addressing existing inadequacies and the need to benchmark it against international standards in order to instil timeliness and quality by harnessing technological developments and appropriate incentives to facilitate change,” the apex bank said in its Report on Trends and Progress.