RBI Releases New Security Guidelines For NBFCs, Payment Apps
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India, Feb. 19 -- In an attempt to tackle the menace of digital payments outages, frauds and cyber crimes, the Reserve Bank of India (RBI) has published a comprehensive set of guidelines for non banking financial companies (NBFCs), banks and payments service providers.
All such RBI-regulated entities have been given six months to comply with the new guidelines. The central bank, under its 'Master Direction on Digital Payment Security Controls' guidelines has urged financial institutions, including scheduled commercial banks, small finance banks payment banks and credit card-issuing NBFCs, to set up a robust governance structure and implement common minimum standards of security controls for digital payment products and services.
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