RBI to introduce digital payment security control directions: Governor Das

Shaktikanta Das

RBI Governor Shaktikanta Das on Friday said the central bank will be introducing digital payment security control directions for regulated entities.

Such a move will improve the security of digital payment channels and also convenience for users, Das said in a statement released after the bi-monthly review of the monetary policy in which RBI opted for a status quo in rates.

These directions will contain requirements for robust governance, implementation and monitoring of certain minimum standards on common security controls for channels like internet and mobile banking, card payments, etc, Das said.

Draft directions on the same will be issued soon for public comments, he added.

The announcement comes a day after the RBI temporarily barred largest private sector lender HDFC Bank from selling new credit cards or launching new digital banking initiatives, taking a serious view of service outages at the systemically important bank over the last two years.

The digital banking app of the country's largest lender SBI was also facing service outages on Thursday, the second time in a week that the bank was struggling with the service.

On Thursday, Das said preservation of financial stability and depositors' interest is the uppermost priority on the RBI's agenda and cited the rescues of Yes Bank and Lakshmi Vilas Bank as efforts in the same direction.

While we are constantly focused on strengthening the regulations and deepening our supervision, financial sector entities like banks and NBFCs should also give highest priority to quality of governance, risk management and internal controls, he said.

He said the banks and non-bank finance companies (NBFCs) are the first line of defence in matters relating to financial sector stability.


(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)


Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel