Master Direction on Digital Payment Security Controls
The Reserve Bank of India has issued a master direction on digital payment security controls, which outlines the necessary measures to ensure the security of digital payments in India.
The direction is divided into five chapters, covering preliminary aspects, general controls, internet banking security controls, mobile payments application security controls, and card payments security.
Key aspects:
The direction emphasizes the importance of governance and management of security risks, application security life cycle, authentication framework, fraud risk management, and reconciliation mechanism.
It also stresses the need for customer protection, awareness, and grievance redressal mechanism.
The direction is applicable to all banks, payment system providers, and other entities involved in digital payments.
The aim is to ensure the security and integrity of digital payment systems, protect customer data, and prevent fraud.
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Download: Master Direction on Digital Payment Security Controls