State Bank of India (SBI) and Bank of Baroda (BoB) announced on Wednesday that they have received approval from the Reserve Bank of India (RBI) to set up a new company that will develop a Digital Payments Intelligence Platform.
The new company, called the Indian Digital Payment Intelligence Corporation (IDPIC), will be registered as a Section 8 company under the Companies Act, 2013. A Section 8 company is a special type of non-profit organisation. The main purpose of IDPIC is to help public sector banks detect and prevent fraud in digital transactions.
State Bank of India has invested ₹100 crores in the Indian Digital Payment Intelligence Corporation (IDPIC), acquiring a 50% stake as the initial promoter. The platform will serve as a centralized hub for fraud detection and prevention data across banks and financial institutions, leveraging cutting-edge technologies including artificial intelligence, machine learning, and blockchain.
IDPIC was incorporated on October 16, 2025, as a Section 8 company with substantial authorized capital to support its digital payments intelligence operations. The company is designed to operate as a collaborative platform serving the broader financial ecosystem.
| Corporate Details: | Specifications |
|---|---|
| Corporate Identity Number: | U88900MH2025NPL459209 |
| Date of Incorporation: | October 16, 2025 |
| Authorized Share Capital: | ₹500 crores |
| Paid-up Share Capital: | ₹20 crores |
| Business Status: | Yet to commence operations |
The RBI’s approval comes with a condition. The Department of Financial Services, under the Ministry of Finance, has granted the banks a temporary exemption from Section 19(2) of the Banking Regulation Act, 1949. This exemption allows the banks to hold more than 30 per cent of the paid-up share capital in the new company until October 16, 2026.