RBI introduced (Digital payment Security Controls) directions, 2021
Going by the pre-eminent role being played by digital payment systems in India, RBI gives 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, it will create an enhanced and enabling environment for customers to use digital payment products in more safe and secure manner.
With the emergence of a large number of frauds and usage of digital payments on a par with the largest number in the world, RBI has rightfully issued suitable directions. It is fervently expected that all stake holders would strictly follow the instructions and gain the benefit of offering the best secured products/service to their clients.