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ARTICLE · 02 OCTOBER 2025

AKP Banking & Finance Digest September 29, 2025

AK & Partners
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We are delighted to share this week's AKP Banking & Finance Weekly Digest.

GlobalFinance and Banking
Anuroop Omkar
Anuroop Omkar

1. Regulatory Updates

1.1. India

Reserve Bank of India (RBI)

1.1.1. RBI issues principle-based two-factor authentication framework for digital payments

RBI issued the Reserve Bank of India (Authentication Mechanisms for Digital Payment Transactions) Directions, 2025 under the Payment and Settlement Systems (PSS) Act, 2007, retaining SMS One-Time Passwords while enabling new factors, mandating at least 2 (two) factors with at least 1 (one) dynamic factor for domestic digital payments, requiring open-access interoperability for authentication and tokenisation, permitting risk-based extra checks, and fixing issuer liability to fully compensate customers for losses from non-compliant transactions; the Directions apply to all payment system providers and participants and must be implemented by April 1, 2026, while card issuers must by October 1, 2026 validate non-recurring cross-border Card Not Present (CNP) transactions on request and institute risk-based

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