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ARTICLE · 09 OCTOBER 2024

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Cyber Resilience And Digital Payment Security Governance: A Step Towards Secured Payments Systems

Khaitan & Co.
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The Reserve Bank of India (RBI) on 30 July 2024 issued its ‘Master Directions on Cyber Resilience and Digital Payment Security Controls for Non-bank Payment System Operators' (Master Directions).

IndiaTechnology
Prashanth Ramdas
Prashanth Ramdas
Pritish Mishra
Pritish Mishra
Ishani Sahai
Ishani Sahai
Raj Shekhar
Raj Shekhar
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Introduction

The Reserve Bank of India (RBI) on 30 July 2024 issued its 'Master Directions on Cyber Resilience and Digital Payment Security Controls for Non-bank Payment System Operators' (Master Directions).

The RBI had indicated its intent to issue directions on cyber resilience and payment security controls for payment system operators through its 'Statement on Developmental and Regulatory Policies' issued on 8 April 2022. Accordingly, a draft 'Master Directions on Cyber Resilience and Digital Payment Security Controls for nonbank Payment System Operators' was released by RBI on 2 June 2023 (Draft Master Directions) for stakeholder comments. The Master Directions have been released post evaluation of the feedback received by the RBI on the Draft Master Directions.

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