Fraud

India’s central bank has proposed new regulatory measures aimed at strengthening consumer protection in digital banking transactions. The Reserve Bank of India (RBI) has released draft amendments designed to enhance safeguards against fraud and clarify the framework governing customer liability in unauthorized electronic transactions. The initiative reflects the rapid expansion of India’s digital payments ecosystem and the need for stronger oversight as online financial activity increases.

The Directorate General of GST Intelligence has arrested Rishi Gupta, managing director and CEO of Fino Payments Bank, in connection with an alleged Goods and Services Tax evasion case tied to online betting operations. The Hyderabad unit of the intelligence agency initiated the action following an investigation into suspected tax irregularities involving digital payment channels. Authorities are examining whether banking infrastructure was used to facilitate transactions associated with betting platforms that allegedly bypassed statutory tax obligations.