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Despite the popularity of SMS-based OTP, it is not foolproof, as evidenced by the recorded cases of fraud UPI transactions. The proposed principle-bas
The RBI proposes to introduce programmability and offline functionality in the CBDC pilot to enable additional use cases and transactions in areas with poor internet connectivity
Das said that instructions for the framework will be issued separately.
RBI has released its Statement on various developmental and regulatory policy measures relating to Financial Markets, Regulations; and Payment Systems and Fintech.
The RBI said that though it has not recommended any particular AFA, the payment mediums have largely adopted SMS-based One Time Password (OTP). But now, RBI wants to look into new ways to authenticate online transactions.