SBI will subscribe to 10 million equity shares of IDPIC, acquiring a 50% stake in the non-profit entity. Backed by RBI approval, IDPIC will use AI to detect and prevent digital payment fraud. The initiative, led by SBI and BoB, strengthens India’s digital payment security framework.
State Bank of India (SBI), the country’s largest lender, has announced its decision to subscribe to 10 million equity shares of the Indian Digital Payment Intelligence Corporation (IDPIC). This strategic move underscores SBI’s commitment to bolstering India’s digital payments ecosystem and combating rising fraud risks in real time.
Key Highlights from the Announcement
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Equity Subscription: SBI will invest in 10 million shares at ₹10 per share, translating into a significant stake in IDPIC.
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Ownership Structure: This investment will give SBI a 50% stake in IDPIC, positioning it as a lead institution in the initiative.
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Objective: IDPIC, established as a Section 8 non-profit company, aims to enhance fraud detection and prevention across India’s rapidly expanding digital payments landscape.
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Technology Focus: The platform will leverage artificial intelligence and advanced analytics to monitor transactions and mitigate risks.
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Collaborative Effort: Alongside SBI, other public sector banks including Bank of Baroda (BoB) are expected to participate, creating a unified front against payment fraud.
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Regulatory Approval: The Reserve Bank of India (RBI) has cleared the framework, ensuring compliance and operational readiness.
This initiative marks a critical step in safeguarding India’s digital economy, reinforcing trust and resilience in financial transactions.
Sources: InvestyWise, ET Government, AffairsCloud