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RBI to introduce ‘Digital Payment Security Controls’ guidelines

The Reserve Bank of India (RBI) will introduce new Digital Payment Security Controls for regulated entities, to enhance the adoption of digital payments platforms in a more safe and secure manner. The central bank will issue a draft guideline soon for public comments, it said in its Statement on Developmental and Regulatory Policies on December 4. The guidelines will be technology and platform agnostic, the RBI said. "[...] 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," it said. At present, banks have to comply with security guidelines set by the RBI, while payment system operators licensed by the central bank have separate guidelines. Further, banks, non-bank companies and third-party apps that provide payments services on top of the National Payments Corporation of India's (NPCI) various payments platforms, like Bharat Bill Payment System (BBPS) or the Unified Payments Interface (UPI), have to follow security guidelines issued by the umbrella payments organisation. A holistic digital payment security controls guideline from the RBI will create a uniform set of standards, regardless of the type of entity. Albeit, there will be differences in implementation between payments apps and banks depending on the scales at which they each operate. Bharat Panchal, chief risk officer for India, Middle East and Africa, FIS says that with the digital payments…

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Reports on banking, payments, fintech and crypto-curencies. Additional reporting on media regulations, data protection and other areas.

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