Supreme Court: Rape Conviction Possible Without S.376 Charge if POCSO Case Fails on Age Proof  ||  SC: Mere Long Possession Can't Establish Adverse Possession; Hostile Intent is Required  ||  Supreme Court Finds Gaps in FSSAI’s Proposed Warning Labels for Foods High in Fat, Sugar and Salt  ||  Supreme Court Quashes ITS Officer's 'Deadwood' Retirement, Orders Rs. 15 Lakh Payment  ||  Uttarakhand HC: District Magistrate to Establish Public Helpline within 24 Hrs amid Water Pollution  ||  Allahabad HC: Custodial Violence and Molestation Are Crimes, Not Police Duty  ||  Gujarat High Court: Bombay Public Trust Registration is Covered by Section 43 of the Waqf Act  ||  J&K&L HC: Advocates not Above Law, No Immunity from Lawful Police Inquiry  ||  Gauhati HC: Talaq-e-Hasan Valid, Requires Registration under Assam Marriage Act  ||  NCLAT: NCLT President Empowered to Transfer Cases from One Bench to Another    

RBI issues directions on Digital Payment Security Controls - (18 Feb 2021)

Banking

In order to set up a robust governance structure, RBI issues direction on Digital Payment Security Controls. The Master Direction provides necessary guidelines for the Regulated Entities (Scheduled Commercial Banks, Small Finance Banks, Payment Banks and Credit Card issuing NBFCs) to set up a robust governance structure and implement common minimum standards of security controls for digital payment products and services. The guidelines are technology and platform agnostic and shall create an enhanced and enabling environment for customers to use digital payment products in a more safe and secure manner.

The Master Direction consolidates important control aspects broadly in the following areas viz., Governance and Management of Security Risks, Generic Security Controls, Application Security Life Cycle (ASLC), Authentication Framework, Fraud Risk Management, Reconciliation Mechanism, Customer Protection, Awareness and Grievance Redressal Mechanism, specific controls related to Internet Banking, Mobile Payments Application Security Controls and Card Payments Security. The provisions of the directions shall apply to the Regulated Entities (REs) such as Scheduled Commercial Banks (excluding Regional Rural Banks), Small Finance Banks, Payments Banks; and Credit card issuing NBFCs.

The directions shall be called the Reserve Bank of India (Digital Payment Security Controls) directions, 2021. These directions shall come into effect six months from the day they are placed on the official website of the Reserve Bank of India (RBI). REs shall have trained resources with necessary expertise to manage the digital payment infrastructure. Multi-factor authentication methods are more reliable and stronger fraud deterrents and protects the confidentiality of payment data as well as enhance confidence in digital payment by combating various cyber-attack mechanisms.

Tags : DIGITAL PAYMENT   SECURITY   DIRECTION  

Share :        

Disclaimer | Copyright 2026 - All Rights Reserved