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The RBI circular on digital payments rules comes at a time when outages, frauds and data breaches have spiked in Indias burgeoning payments ecosystem.

‘REs should incorporate secure, safe usage guidelines for digital payments’ February 18, 2021 × The Reserve Bank of India (RBI) wants regulated entities (REs) to make it mandatory for the consumer to go through secure usage guidelines vis-a-vis digital payment applications. REs (all Scheduled Commercial Banks,excluding Regional Rural Banks/ Small Finance Banks/Payments Banks/ Credit Card issuing non-banking finance companies) should incorporate secure, safe and responsible usage guidelines and training materials for end users within the digital payment applications, the central bank sai...

RBI tightens payments security norms for banks, digital payment operators SECTIONS Last Updated: Feb 18, 2021, 09:15 PM IST Share 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 di...

 43 It is over a decade now that, we, Indians have been putting up with the harassment, humiliation and mental agony of banks arrogantly freezing savings and current accounts for technical reasons, the most common one being non-compliance with frequent updation of know-your-customer (KYC) documents mandated by the government. Banks blame it on the Reserve Bank of India (RBI). RBI washes its hands off any responsibility by pointing to the Prevention of Money Laundering Act, 2002 (PMLA) and the rules for maintenance of records framed in 2005.    Logically, if the government genuinely has rea...