Reserve Bank of India proposes digital payment security control directions

In order to strengthen security controls around the digital payment systems, the Reserve Bank of India (RBI) on Friday proposed to issue Digital Payment Security Controls Directions, 2020 for regulated entities.

The directions proposes to set up a robust governance structure for digital payment systems and implement common minimum standards of security controls for channels like internet, mobile banking, card payments, among others.

This is considered important given the rapid expansion of digital payment modes across channels.

Presenting the Monetary Policy Committee's (MPC) decisions, RBI Governor Shaktikanta Das said that while the new guidelines will be technology and platform agnostic, it will create an enhanced and enabling environment for customers to use digital payment products in more safe and secure manner.

The guidelines are proposed to be issued separately.