The Reserve Bank of India (RBI) will be introducing directions for digital payment security control for regulated entities. Such a move will improve the security of digital payment channels and also convenience for users, RBI Governor Shaktikanta Das said on 3 December 2020.
These directions will contain requirements for robust governance, implementation and monitoring of certain minimum standards on common security controls for channels like internet and mobile banking, card payments, etc, Das said. Draft directions on the same will be issued soon for public comments, he added.
The announcement comes a day after the RBI temporarily barred largest private sector lender HDFC Bank from selling new credit cards or launching new digital banking initiatives, taking a serious view of service outages at the systemically important bank over the last two years.
The digital banking app of the country's largest lender SBI was also facing service outages on Thursday, the second time in a week that the bank was struggling with the service. Preservation of financial stability and depositors' interest is the uppermost priority on the RBI's agenda and cited the rescues of Yes Bank and Lakshmi Vilas Bank as efforts in the same direction, Das said.
Comments