India, Oct. 2 -- With an eye on curbing online frauds, the Reserve Bank of India is developing an AI-powered fraud detection platform to flag "risky" online transactions.

"There is a new offering in the experimental stage. We are making software which will caution users against risky transactions. We are working on this," RBI governor Sanjay Malhotra said during a press briefing after the monetary policy committee (MPC) meeting yesterday.

Deputy governor T Rabi Sankar explained that the under-development 'Digital Payments Intelligence System' is being developed by the central bank's innovation hub. He added that the new platform will be run by a separate entity, and will collect data from various sources (existing banking data, telcos a...