Gonna agree with you, even Singapore has announced several policy changes the past few weeks to deal with all the fraud - more severe punishment and forcing apple to change how iMessage spam with .gov.sg domains is handled.

I don't think this new app will resolve India's fraud issues unfortunately, there probably needs to be more policy changes at banks/fincos. As much as India obsesses with KYC processes, it doesn't seem to be working/enough. I don't see this new app being required as something totalitarian, it would be much easier for the gov to ask for that type of stuff to be tacked on to UPI apps anyways.