RBI proposes norms to curb online risks

Mumbai: The Reserve Bank on Friday proposed to establish robust governance mechanisms for authorised non-bank payment system operators (PSOs) to effectively address emerging cybersecurity risks.

Towards this goal, the central bank has issued a ‘Draft Master Directions on Cyber Resilience and Digital Payment Security Controls for Payment System Operators’.

The draft directions cover governance mechanisms for the identification, assessment, monitoring and management of cybersecurity risks, including information security risks and vulnerabilities. They also specify baseline security measures to ensure safe and secure digital payment transactions. The central bank said existing instructions concerning security and risk mitigation for card payments, prepaid payment instruments (PPIs) and mobile banking will remain in effect.