Cyril Amarchand Mangaldas advised State Bank of India and Bank of Baroda on the incorporation of the Indian Digital Payment Intelligence Corporation (IDPIC), marking a landmark moment in India’s effort to combat digital payment fraud at scale. IDPIC has been established as a Section 8 not-for-profit company under the Companies Act, 2013, and will function as India’s central digital payment fraud intelligence platform. The mandate announcement was made on 24 June 2026 from Mumbai.
Introduction
IDPIC is India’s central digital payment fraud intelligence platform, established to detect, prevent, and analyse fraud in real time across the country’s rapidly expanding digital payments ecosystem. It is incorporated as a Section 8 company under the Companies Act, 2013, leveraging advanced technologies including Artificial Intelligence, Machine Learning, and Big Data Analytics.
IDPIC was promoted by State Bank of India and Bank of Baroda, with SBI holding a 50% stake through an investment of ₹100 crore. The corporation operates under the regulatory approval and oversight of the Department of Financial Services, Ministry of Finance, and the Reserve Bank of India.
IDPIC’s primary mandate is to function as a national collective intelligence grid — aggregating fraud signals, transaction data, and risk markers from all participating institutions into a unified platform, and deploying AI, ML, and Big Data Analytics to shift the industry from reactive fraud management to predictive risk scoring.
Cyril Amarchand Mangaldas (CAM) managed the full lifecycle of IDPIC’s incorporation, handling the complete suite of corporate actions required to bring IDPIC into legal existence. CAM has also been retained by IDPIC to advise and assist on its operationalisation and to provide ongoing legal and regulatory counsel as IDPIC moves towards becoming a fully functional national payments fraud intelligence body.
Legal Teams Involved
Cyril Amarchand Mangaldas acted as legal counsel to State Bank of India and Bank of Baroda in connection with the incorporation of IDPIC. CAM has also been retained by IDPIC for its ongoing operationalisation and regulatory counsel.
Transaction Team:
- Utkarsh Bhatnagar, Partner — Team Lead
- Sukriti Sarwan, Principal Associate
- Anusha Rao, Senior Associate
- Maria Grisha Borges, Associate
- Puru Singh, Associate
Strategic Inputs and Guidance:
- Amey Pathak, Partner (Head-Banking)
- Gopal Sharma, Director – Market Strategy and Analytics
Significance and Impact
The establishment of IDPIC represents a structural shift in how India’s financial ecosystem approaches payment fraud. IDPIC integrates intelligence across all banks, NPCI, card networks, payment aggregators, and fintech apps into a unified national defence layer. This collective intelligence model is designed to move institutions away from siloed, reactive fraud responses toward a shared, predictive framework.
According to data from the Reserve Bank of India, the total amount involved in bank frauds nearly tripled to ₹36,014 crore in FY25 from ₹12,230 crore the previous year — a trajectory that underscores the urgency of a dedicated, centralised intelligence body.
The Department of Financial Services granted SBI and Bank of Baroda an exemption allowing each bank to hold more than 30% of IDPIC’s paid-up share capital until October 16, 2026 — an exemption necessitated by Section 19(2) of the Banking Regulation Act, which generally restricts banks from holding equity above this limit.
CAM’s role is notable for its scope: the firm handled not only the full incorporation lifecycle but has also been retained for IDPIC’s operationalisation phase, making this a continuing legal mandate rather than a one-time transactional engagement. The instruction of a single law firm across both the formation and operationalisation of a nationally significant regulatory body reflects the complexity and sensitivity of the mandate. For a broader view of law firm deal activity in India, see the Deal Meter.
Cyril Amarchand Mangaldas‘s advisory role in the incorporation and operationalisation of IDPIC places it at the centre of one of India’s most consequential fintech and financial regulation developments of 2026. With SBI and Bank of Baroda as promoters, RBI and DFS oversight, and a mandate to deploy AI-driven fraud intelligence at a national scale, IDPIC is positioned to become a foundational institution in India’s digital payments infrastructure. Further details on IDPIC’s phased operationalisation were not disclosed.
Disclaimer: This article is for informational purposes only and does not constitute legal advice. It is based on the details provided and publicly available sources.
