India, July 3 -- Amid the growing spate of cyber crimes, the RBI has directed banks and payments banks to integrate telecom department's (DoT) financial fraud risk indicator (FRI) into their systems.

The RBI advisory, which was issued on June 30, aims to crack the whip on cyber frauds by leveraging new-age technologies. Welcoming the move, DoT termed it a watershed moment.

". This (RBI's directions) is a watershed moment in the fight against cyber-enabled financial frauds and a testament to the power of inter-agency collaboration in safeguarding citizens in India's growing digital economy," the DoT said in a statement.

Launched in May, FRI is a risk-based metric that associates a mobile number with the degree of financial fraud. The nu...