RBI announces Master Direction on Digital Payment Security Controls
In view of the proliferation of cyber attacks and their potential consequences, RBI issued a Master Directorate for banks and card issuers setting common minimum standards to ensure digital payment security. Regulated entities (REs): Scheduled Commercial Banks, Small Finance Banks, Payment Banks and Credit Cards issuing NBFCswould be covered under this provision of direction.
In the following areas, the Master Direction lays down guidelines: Governance and Security Risk Management, Generic Security Controls, Life Cycle Application Security, Authentication Framework, Fraud Risk Management, Reconciliation Mechanism, Customer Protection, Awareness and Grievance Redressal Mechanism, Specific Internet Banking Controls, Mobile Payments Application Security Controls and Card Payments Security.
