The Reserve Bank of India (RBI) prioritizes the safety and security of payment systems. To ensure that authorized non-bank Payment System Operators (PSOs) remain resilient against both current and emerging cybersecurity and information system risks, the RBI announced in its Monetary Policy Statement on April 08, 2022, that it would issue specific directions on Cyber Resilience and Payment Security Controls for PSOs.
A draft of the Master Direction was subsequently published on June 02, 2023, inviting comments and feedback from stakeholders. After considering the responses, the RBI has now decided to issue the final Directions. These Directions establish robust governance mechanisms for the identification, assessment, monitoring, and management of these risks. They also include baseline security measures to ensure system resilience and the safety and security of digital payment transactions. PSOs are expected to adopt the latest security standards over time. The existing guidelines on security and risk mitigation for card payments, Prepaid Payment Instruments (PPIs), and mobile banking remain applicable as before. However, in case of any conflicts, the provisions in this Master Direction will take precedence.
These Directions are issued under Section 10 (2), in conjunction with Section 18, of the Payment and Settlement Systems Act, 2007 (Act 51 of 2007).
Click here to read the notification in detail.
By FCCT Editorial Team
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