FinTales Edition 45 – Security Stacks, Liability Reset And Small Payment Providers

India's digital payments story has been extraordinary. In two decades, India moved from RTGS and paper cheques to Unified Payments Interface processing nearly half of the world's real-time transactions. But the same seamless rails that drove inclusion have also made fraud easier. To address this, the trust layer now needs to catch up – and RBI's Payment Vision 2028 suggests that this will define the next phase of India's payments journey. In this edition of FinTales, we unpack the proposed shift. We examine India's evolving anti-fraud architecture – from the Indian Cyber Crime Coordination Centre Suspect Registry to MuleHunter.AI – and where the gaps still remain. We also analyse RBI's draft customer liability directions, which for the first time extend protection to victims of authorised push payment fraud and even contemplate RBI-backed compensation in some cases. And for dessert, we look at a potentially game-changing proposal: a new regulatory on-ramp for small payment system