The Reserve Bank of India Deputy Governor T Rabi Sankar on Friday said the central bank is looking to expand digital public infrastructure (DPI) to curb fraud in financial transactions. He noted that while fraud per transaction had been declining earlier in the year, it has started rising again since July, possibly due to cyclical factors.

Speaking at the State Bank of India Banking and Economics Conclave, Sankar said work is underway to extend DPI to credit through the unified lending interface (ULI). The RBI also plans to take the benefits of DPI to the cross-border space. “One of the reasons why there is so much effort to develop public infrastructures is to reduce the incidents of fraud. We have to do everything to ensure that transactions do not fail. Having said that, it’s imp

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