RBI’s MASTER DIRECTION ON DIGITAL PAYMENT SECURITY CONTROLS

Over the last year, owing to the large number of online transactions and/or digital payments on account of the COVID crisis, India's thriving digital payments ecosystem witnessed increased occurrences of frauds, outages, and cyber breaches.

To strengthen India's digital payments ecosystem, the Reserve Bank of India (RBI) on 18 Feb 2021 came out with a detailed guideline - ‘Master Direction on Digital Payment Security Controls’. The guidelines issued, lay down common minimum standards to set up a robust governance structure & ensure security for the digital banking and payments ecosystem for Regulated Entities(RE).

The new guidelines will be applicable to the following REs:

• Scheduled Commercial Banks (excluding Regional Rural Banks)
• Small Finance Banks
• Payment Banks
• Credit Card Issuing NBFCs

BDO India are please to present an Expert Summary of RBI’s Master Direction On Digital Payment Security Controls, highlighting the new guidelines for all REs to standardise their security operations.