Reserve Bank of India on Monday said the fraud reporting module will be migrated to DAKSH from 1 January, a move that will streamline reporting, enhance efficiency and automate the payments fraud management process.

DAKSH is the RBI's advanced supervisory monitoring system. 

The RBI operationalised the Central Payments Fraud Information Registry (CPFIR) in March 2020 with reporting of payment frauds by scheduled commercial banks and non-bank Prepaid Payment Instrument (PPI) issuers.

"...entities shall commence reporting of payment frauds in DAKSH from this date (January 01, 2023)," the central bank said in a circular.

In addition to the existing bulk upload facility to report payment frauds, DAKSH provides additional functionalities, like a maker-checker facility, online screen-based reporting, an option for requesting additional information, the facility to issue alerts/ advisories, generation of dashboards and reports.

All RBI-authorised Payment System Operators (PSOs) / providers and payment system participants operating in India are required to report all payment frauds, including attempted incidents, irrespective of value, either reported by their customers or detected by the entities themselves, it added.

All RBI-authorised Payment System Operators (PSOs) / providers and payment system participants operating in India are required to report all payment frauds, including attempted incidents, irrespective of value, either reported by their customers or detected by the entities themselves, it added.

This reporting was earlier facilitated through Electronic Data Submission Portal (EDSP) and is being migrated to DAKSH.

After going live, payment fraud reporting in DAKSH effective January 01, 2023, entities shall not be able to report any payment frauds in EDSP, the central bank said.