CEOs and MDs of top government-owned banks, private banks, and payment aggregators have been requested to attend the meeting in person, people familiar with the matter told CNBC-TV18.

While SBI is likely to make a presentation on its risk monitoring systems to plug digital payment frauds, the Indian Cyber Crime Coordination Centre which is under make Home Ministry will present the latest data on the incidence of rising financial frauds.

Airtel Payment Bank, Equitas Small Finance Bank, Razorpay Software, and Google Pay India along with heads of BoB, PNB, Canara Bank, and representatives from HDFC Bank, ICICI Bank, and IDFC First Bank are likely to be present.

Also Read: India to meet banks and fintechs as cyber fraud cases rise: Sources

CEO NPCI and officials from MEITY, DoT, TRAI, and UIDAI are also attending the meeting. The meeting is going to be chaired by the banking secretary Vivek Joshi.

Some media reports suggest as a first step, the government is likely to widen the time gap between all first transactions done digitally and the second payment to 4 hours, under various online payment modes.

Also Read: RBI imposes penalties amounting to ₹10.34 crore on Citibank, Bank of Baroda and IOB for non compliance

(Edited by : Asmita Pant)