RBI to issue cybersecurity norms for payment services

The Reserve Bank of India (RBI) will issue cybersecurity norms for payment service providers (PSPs) soon, following a series of data breaches faced by operators including Mobikwik and payment aggregator JusPay.

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While the standards for fintech-driven payment services providers will be similar to cyber hygiene norms issued recently for banks and non-banking finance companies (NBFCs), the RBI is quite clear that firms will have to do more than observe the minimum standards to ensure safety as digital transactions gain further traction.

The National Payments Corporation of India (NPCI) had laid down a framework for a more even distribution of share of third-party app providers in the UPI system.

The National Payments Corporation of India (NPCI) is an umbrella organisation for operating retail payments and settlement systems under the ownership of Reserve Bank of India in India.