Bank of Baroda has secured approval from the Reserve Bank of India (RBI) to establish a section 8 Company, designed to create a Digital Payments Intelligence Platform. This new entity, named Indian Digital Payment Intelligence Corporation (IDPIC), will function under the Companies Act, 2013. The approval is conditional upon an exemption from the Department of Financial Services, Ministry of Finance. The permission extends until October 16, 2026.
Digital Payments Initiative
Bank of Baroda is moving forward with its plan to establish a new company focused on digital payments intelligence. The bank has received the necessary approval from the Reserve Bank of India (RBI) to form a section 8 Company under the Companies Act, 2013. This new entity will operate as a Digital Payments Intelligence Platform, aiming to enhance security and efficiency in the digital payments ecosystem.
Indian Digital Payment Intelligence Corporation (IDPIC)
The newly approved company will be named Indian Digital Payment Intelligence Corporation (IDPIC). The RBI’s approval is contingent upon receiving an exemption from the Department of Financial Services, Ministry of Finance. This exemption relates to regulations under the Banking Regulation Act, 1949, specifically concerning the holding of shares exceeding 30% of the paid-up share capital. The approval for establishing IDPIC is valid until October 16, 2026.
Source: BSE