I4C and RBI Innovation Hub Collaborate to Mitigate Cyber Frauds and Mule Accounts
The primary focus of this partnership is to identify and curb the use of 'mule accounts,' which are used to receive and transfer illegal funds.
The collaboration will involve real-time information sharing regarding suspicious accounts and the deployment of AI-based systems for fraud detection.
Mule accounts often act as the backbone for laundering proceeds from cyber scams, making this agreement vital for banking security.
Key Facts / Static GK
RBIH Establishment: 2022
I4C Establishment: January 2018
I4C Parent Ministry: Ministry of Home Affairs (MHA)
Q Practice Quiz — 13 May 2026
1. As per the latest RBI Master Direction, what is the maximum penalty for repeated violations regarding the refusal to exchange mutilated or soiled notes?
Explanation: While the initial penalty for a single deficiency is Rs 10,000, it can rise to a maximum of Rs 5 lakh for repeated violations by a bank.
2. Under the new guidelines, what is the maximum daily limit for free exchange of soiled notes at any bank branch?
Explanation: RBI allows free exchange of soiled notes for up to 20 pieces or a total value of Rs 5,000 per day over the counter.
3. Which of the following statements regarding the VB-G RAM G Act is incorrect?
Explanation: Unlike MGNREGA, where the Centre funded 100% of unskilled wages, the new Act introduces a cost-sharing model (e.g., 60:40 for general states and 90:10 for Himalayan/NE states).
4. Who was sworn in as the 13th Chief Minister of Tamil Nadu in May 2026?
Explanation: C. Joseph Vijay, leading the TVK party, took the oath as the 13th CM of Tamil Nadu, succeeding M.K. Stalin.
5. From July 1, 2026, if an educational institution wants to use stock price data for classroom demonstration for free, what is the minimum required time lag as per SEBI?
Explanation: SEBI has standardized the delay to 30 days for educational use to simplify the earlier framework of 1-day/3-month lags.
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