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Exclusive: Visa, MobiKwik and 17 other payment operators did not submit RBI-mandated audit report

Visa’s mysterious absence from the central bank’s list of SAR compliant entities prompts further questions.

You are reading it here first: Nineteen out of the sixty-nine authorised payment system operators did not submit a System Audit Report (SAR) for the financial year 2020-21 as required by the Reserve Bank of India (RBI), a Right to Information (RTI) response revealed. The central bank began demanding the annual submission of a SAR from all authorised payment system operators starting this year amidst the increasing number of cyber-security attacks and data breaches targeting Indian companies. A SAR covers the security practices of a company among other things. Notable entities that had not submitted a SAR by the September 30 deadline include Visa, Mobikwik, State Bank of India, and Punjab National Bank. The RTI request demanding the list of compliant entities was filed by Srikanth Lakshmanan of CashlessConsumer, a consumer collective on digital payments. In light of the revelation that many…

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