RBI Digital Payment Awareness Program

Nodal Centre: Indraprastha College for Women
Date: September 12, 2023

Key Highlights:

• Objective: Create awareness about digital payment methods and safety precautions in collaboration with the Reserve Bank of India (RBI) and the Culture Council.
• Speakers:
  • Mr. Satish Nagpal, Officer, DPSS
  • Mr. Vikas Tyagi, Manager, DPSS

Topics Covered:

• Digital Payment Modes:
  • NEFT & IMPS – For retail payments.
  • RTGS – For bulk payments.
  • BBPS – Bharat Bill Payment System for recurring utility bills.
  • UPI – Unique to India, enables instant payments.
• Security Features:
  • Two-factor authentication using OTP for secure transactions on Indian websites.
  • Safeguards like a cooling period for fraud prevention.
  • Protection against fraudulent online transactions through “Tokenisation” (upcoming feature).
• Fraud Prevention Tips:
  • Never share OTP, credit card CVV, expiry dates, or account holder information.
  • Avoid clicking suspicious links in texts, WhatsApp messages, and emails.
  • Be aware of fraudsters exploiting emotions like fear, greed, and sympathy.
• Legal Recourse for Fraudulent Transactions:
  • Complaint within 3 days ensures a full refund.
  • Complaints within 4-7 days may result in partial loss depending on account type.

Additional Information:

• RBI directives ensure user data is stored on Indian servers for better data protection.
• A new system will prevent online merchants from saving credit card or banking information.

Outcome:

• The program was attended by 400+ participants, including students, faculty, and staff.
• It concluded with an engaging Q&A session and was deemed a success.