The launch of e-RUPI, a person- and purpose-specific digital payment solution, by the government is expected to completely negate any pilferage and will ensure full benefit to intended beneficiaries, India Inc said on Monday. Prime Minister Narendra Modi has launched e-RUPI, which is aimed at improving transparency and targeted delivery of benefits. PHD Chamber of Commerce and Industry president Sanjay Aggarwal said that the move is a significant step to enhance the digitisation process of the country.
'There will be partnerships between banks and fintech firms, but there will also be areas where they will be direct competitors.'
A common feature in India is the lag between the occurrence of frauds and the time they are actually reported.
A Europe-like cyber security defence alliance is the need of the hour, say banking technology experts.
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