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RBI tightens payments security norms for banks, digital payment operators
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Last Updated: Feb 18, 2021, 09:15 PM IST
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Synopsis
“The Master Direction provides necessary guidelines…to set up a robust governance structure and implement common minimum standards of security controls for digital payment products and services,” the central bank said in a circular.
Reuters
The new rules come at a time when India’s burgeoning payments ecosystem has seen increased instances of outages, frauds and cyber-breaches.
Mumbai: The central bank late Thursday sought to strengthen India s digital payments architecture, publishing detailed guidelines to improve security, control and compliance among banks, gateways, wallet operators and other non-bank entities that are at the vanguard of helping New Delhi achieve its goal of a less-cash transaction economy. ....

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