New Delhi: Bank of Baroda has received approval from the Reserve Bank of India (RBI) to establish a dedicated Section 8 company for building a Digital Payments Intelligence Platform, the public-sector lender said in an exchange filing on Wednesday.
The proposed entity, to be named Indian Digital Payment Intelligence Corporation (IDPIC), will function as a not-for-profit company under the Companies Act, 2013. The bank said the RBI approval is contingent on an exemption granted by the Department of Financial Services (DFS), allowing Bank of Baroda to hold more than 30% of the paid-up share capital in the new company until October 16, 2026, notwithstanding the limits prescribed under Section 19(2) of the Banking Regulation Act.
The platform is expected to strengthen the digital payments ecosystem by enhancing risk monitoring, fraud detection and data-driven intelligence, aligning with the government and RBI’s broader push for secure and scalable digital payment infrastructure.
Bank of Baroda said the approval has been disclosed under Regulation 30 of SEBI’s Listing Obligations and Disclosure Requirements and the information has been placed on stock exchang es.