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ARTICLE · 17 MARCH 2021

RBI Guidelines For System Of Security Controls For Digital Payments

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The RBI has given Master Direction on February 18, 2021, which provides necessary guidelines for the regulated entities to set up robust governance structure and implement common minimum standards...

IndiaFinance and Banking
Lucy Rana
Lucy Rana
Rupin Chopra
Rupin Chopra
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The RBI has given Master Direction on February 18, 20211, which provides necessary guidelines for the regulated entities to set up robust governance structure and implement common minimum standards of security controls for digital payments products and services.

The Master Direction lays down guidelines for the internet banking, mobile payments, card payments, customer protection, and grievance redressal mechanism.

CHANGES IN DIGITAL PAYMENT SYSTEM- ADDING DIGITAL PAYMENT SECURITY CONTROL2

The directions shall be called as Reserve Bank of India (Digital Payment Security Controls) directions, 2021.3 The guidelines are in pursuance to Digital Payments mechanism and the Master Direction paves the way for the Digital Payment Security Controls

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