February 18, 2021
The Chairman/ Managing Director/ Chief Executive Officer
All Scheduled Commercial Banks excluding RRBs/
Small Finance Banks/Payments Banks/ Credit Card issuing NBFCs
Madam/ Dear Sir
Master Direction on Digital Payment Security Controls
- Please refer to para II (7) of the Statement on Developmental and Regulatory Policies of the Bi-monthly Monetary Policy Statement for 2020-21 dated December 4, 2020 (extract given below). The Master Direction provides necessary guidelines for the regulated entities to set up a robust governance structure and implement common minimum standards of security controls for digital payment products and services.
Yours faithfully,
(T.K. Rajan)
Chief General Manager
Digital Payment Security Controls
- Going by the pre-eminent role being played by digital payment systems in India, RBI gives highest importance to the security controls around it. Now it is proposed to issue Reserve Bank of India (Digital Payment Security Controls) Directions 2020, for regulated entities to set up a robust governance structure for such systems and implement common minimum standards of security controls for channels like internet, mobile banking, card payments, among others. While the guidelines will be technology
and platform agnostic, it will create an enhanced and enabling environment for customers to use digital payment products in more safe and secure manner. Necessary guidelines will be issued separately
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