Finance Minister Nirmala Sitharaman told the Rajya Sabha on Tuesday that the government established the India Digital Payment Intelligence Corporation (IDPIC) to provide real-time fraud intelligence and alerts to banks and financial institutions to aid in combating cyber financial fraud.

In response to a query, Sitharaman stated that the new organization has been created in collaboration with the Reserve Bank of India (RBI) to address the rising occurrence of cyber fraud.

"To tackle cyber financial fraud, the government, in collaboration with the RBI, has established the India Digital Payment Intelligence Corporation (IDPIC) to provide banks and financial institutions with real-time fraud intelligence and alerts by utilizing cutting-edge technologies like Artificial Intelligence, Machine Learning, and Big Data Analytics," FM stated.

Sitharaman stated that the government has been collaborating with regulators in the financial sector to enhance the cybersecurity framework of financial institutions.

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She mentioned that the Indian Computer Emergency Response Team (CERT-In) has set up the National Cyber Coordination Centre (NCCC), which observes cyberspace at the metadata level to identify possible cybersecurity threats and promotes real-time information exchange with regulators, organizations, and other parties to support prompt preventive and response actions.

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She mentioned that a specialized Computer Security Incident Response Team for the Financial Sector (CSIRT-Fin) has been established under the overarching oversight of CERT-In.

Its roles involve gathering and evaluating data on cyber incidents, distributing alerts and advisories specific to sectors, coordinating responses to cyber incidents, and overseeing initiatives to uphold an adaptive cybersecurity framework for the financial industry, she stated.

Sitharaman mentioned that an Inter-Regulatory Technical Group (IRTG) has been formed under the Financial Stability and Development Council (FSDC) to discuss matters needing synchronized efforts from various financial regulators.

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Moreover, the Indian Banking Association (IBA) has formed a task force consisting of banks, regulators from the financial sector, and government bodies to tackle risks associated with new technologies, she stated.