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ARTICLE · 29 NOVEMBER 2024

JSA Newsletter | FinTech (24th Edition) | July – September 2024

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The Reserve Bank of India ("RBI"), vide notification dated July 30, 2024 has issued the Master Directions on Cyber Resilience and Digital Payment Security Controls for Non-Bank Payment System Operators...

IndiaTechnology
Probir Roy Chowdhury
Probir Roy Chowdhury
Yajas Setlur
Yajas Setlur
Nikhil George
Nikhil George
Moushami Nayak
Moushami Nayak
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Master Directions on Cyber Resilience and Digital Payment Security Controls for Non-Bank Payment System Operators

The Reserve Bank of India ("RBI"), vide notification dated July 30, 2024 has issued the Master Directions on Cyber Resilience and Digital Payment Security Controls for Non-Bank Payment System Operators to establish a governance mechanism for managing information systems and cybersecurity risks among non-bank Payment System Operators ("PSOs").

These directions will be phased in from April 2025 to April 2028, based on the PSO's categorisation as small, medium and large as per the Oversight Framework for Financial Market Infrastructures and Retail Payment Systems . Large PSOs, such as the National Payments Corporation of India ("NPCI"), card payment networks and payment aggregators must comply by April 2025. On the other hand, small PSOs, such as Small Prepaid Payment Instrument ("PPI") issuers and money transfer operators have until

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