RBI issued guidelines for Master direction on Digital payments BANK NEWS

 

RBI issued guidelines for Master direction on Digital payments

 

New Delhi: The Reserve Bank of India on Thursday, Feb 18, 2021, issued guidelines in the master directions on Digital Payment Security Controls. Going by the pre-eminent role being played by digital payment systems in India, RBI gives the highest importance to the security controls around it. Now it is proposed to issue Reserve Bank of India (Digital Payment Security Controls) Directions, 2020 for regulated entities to set up a robust governance structure for such systems and implement common minimum standards of security controls for channels like internet, mobile banking, card payments, among others. While the guidelines will be technology and platform agnostic, they will create an enhanced and enabling environment for customers to use digital payment products in a more safe and secure manner. Necessary guidelines will be issued separately.

The Master Direction provides necessary guidelines for the Regulated Entities (Scheduled Commercial Banks, Small Finance Banks, Payment Banks, and Credit Card issuing NBFCs) to set up a robust governance structure and implement common minimum standards of security controls for digital payment products and services. The guidelines are technology and platform agnostic and shall create an enhanced and enabling environment for customers to use digital payment products in a more safe and secure manner.

The Master Direction consolidates important control aspects broadly in the following areas viz., Governance and Management of Security Risks, Generic Security Controls, Application Security Life Cycle (ASLC), Authentication Framework, Fraud Risk Management, Reconciliation Mechanism, Customer Protection, Awareness and Grievance Redressal Mechanism, specific controls related to Internet Banking, Mobile Payments Application Security Controls, and Card Payments Security. Delhi achieves its goal of a 'less-cash' economy.



Posted Date :  19-02-21

Categories : BANK NEWS

Tag Cloud: BANK NEWS

Similar news

RBI released Quarterly Statistics on Deposits and Credit of SCBs

New Delhi: The Reserve Bank released Quarterly Statistics on Deposits and Credit of Scheduled Commercial Banks (SCBs), December 2020 on its Database on Indian Economy (DBIE) portal. The Bank credit growth (Y-o-Y) improved to 6.2 percent in December 2020 from 5.8 percent in the previous quarter but i
Posted Date :  25-02-21

Read more

Bank Stock: Yes Bank Share rise by 4 percent

New Delhi: YES Bank share was trading 4.4% higher in Wednesday's session, ranking among the most active banking scrips in terms of volumes on BSE and NSE today. The stock of the private lender opened at Rs 15.75 as against its previous close of Rs 15.65 and touched the day's high of Rs 16
Posted Date :  24-02-21

Read more

Bank Union Strike: opposition on privatization of banks

New Delhi: After the announcement of privatizing two Public Sector Banks in the budget session 2021-2022 by finance minister Nirmala Sitharaman, bank unions decide to go on 2 days strike starting from 15 March 2021. Employees of the government sectors are not so happy with this decision because t
Posted Date :  23-02-21

Read more

RBI imposes monetary penalty on Jilla Sahakari Kendriya Bank Maryadit

New Delhi: The Reserve Bank of India (RBl) has, by an order dated February 22, 2021, imposed a monetary penalty of Rs 1.00 lakh (Rupees one lakh only) on Jilla Sahakari Kendriya Bank Maryadit, Sidhi (the bank) for non-compliance with the provisions of the Banking Regulation Act, 1949 (the Act) and t
Posted Date :  23-02-21

Read more

RBI issued guidelines for Master direction on Digital payments

New Delhi: The Reserve Bank of India on Thursday, Feb 18, 2021, issued guidelines in the master directions on Digital Payment Security Controls. Going by the pre-eminent role being played by digital payment systems in India, RBI gives the highest importance to the security controls around it. Now it
Posted Date :  19-02-21

Read more

Finance Minister explains govt priorities to the RBI board

New Delhi: Hon’ble Union Minister of Finance & Corporate Affairs, Smt Nirmala Sitharaman holds customary meeting with the board members of the RBI and Sebi after the Budget presentation every year. FM Sitharaman on Tuesday explained the government's priorities to the Reserve
Posted Date :  17-02-21

Read more

Govt Shortlisted Four Banks for privatisation

New Delhi: India's government has shortlisted four mid-sized state-run banks for privatisation, under a new push to sell state assets and shore up government revenues, three government sources said. The four banks on the shortlist are Bank of Maharashtra, Bank of India, Indian Overseas B
Posted Date :  16-02-21

Read more

Banks unions two day strikes against Privatization of PSBs

New Delhi: The United Forum of Bank Unions (UFBU), an umbrella body of nine unions, on Tuesday gave a call for a two-day strike from March 15 to protest against the proposed privatization of two state-owned lenders. The United Forum of Bank Unions (UFBU), an umbrella body of nine unions, on Tuesd
Posted Date :  10-02-21

Read more

SBI reports net profit of Rs 5,196 crore in December

New Delhi: State Bank of India, an Indian multinational, public sector banking reported a net profit of Rs 5,196 crore in the December quarter, earlier in the same quarter of the previous year drop 7 percent from Rs 5,583 crore. The Bank was expected to post a net profit of Rs 4,850 crore in the
Posted Date :  05-02-21

Read more

RBI Digital Currency: A new way of transaction

New Delhi: The Reserve Bank of India is on for a major change and towards the new way of transaction. RBI is preparing to bring digital currency, which will change the way of transaction, in order to curb the increasing expenditure on black money and the printing of currency. The RBI is
Posted Date :  28-01-21

Read more

Yes Bank launched YES MSME

New Delhi: Yes Bank's great initiative for Micro, Small and Medium Enterprises (MSME) to strengthen them, the ban launches YES MSME which will facilitate speedy and easy access to funds.  Yes Bank said, the YES MSME is focusing on the supporting values which expand the growth of MSM
Posted Date :  21-01-21

Read more

RBI release 2020 list of Domestic Systemically Important Banks

New Delhi: SBI, ICICI Bank, and HDFC Bank continue to be identified as Domestic Systemically Important Banks (D-SIBs), under the same bucketing structure as in the 2018 list of D-SIBs. The additional Common Equity Tier 1 (CET1) requirement for D-SIBs was phased-in from April 1, 2016, and became full
Posted Date :  21-01-21

Read more

IBPS agrees to re-conduct the exams missed due to bad weather

Srinagar: The online test for the candidates who missed the ongoing J&K Bank Banking Associate examination due to extreme weather on 3rd, 5th and 9th of January, 2021 shall be held again. The decision comes after J&K Bank Chairman and Managing Director (CMD) R K Chhibber requested the author
Posted Date :  13-01-21

Read more

Reserve Bank of India imposes monetary penalty on Deutsche Bank AG

New Delhi: The Reserve Bank of India (RBI) has, by an order dated January 12, 2021, imposed a monetary penalty of Rs 2 crore (Rupees Two Crore only) on Deutsche Bank AG (the bank) for non-compliance with certain provisions of directions issued by RBI contained in the “Reserve Bank of India (In
Posted Date :  13-01-21

Read more

SBI donates Rs 5 crore to NSDF for Target Olympic Podium Scheme

Mumbai: With the aim to support and provide all the necessary aid to the Indian Olympic Team, the State Bank of India (SBI) has come forward to donate Rs. 5 crores towards National Sports Development Fund (NSDF). This amount would be utilized for customized training of the Olympic Team under reputed
Posted Date :  09-01-21

Read more

IDFC First Bank showed provisional figures of Q3 FY21

New Delhi: IDFC First Bank appended the provisional figures mentioned at 31 December 2020 under the Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and the Code of Practices and Procedures for Fair Disclosure of Unpublished Price Sensitive Information in
Posted Date :  07-01-21

Read more