RBI issued guidelines for Master direction on Digital payments BANK NEWS
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
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