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The Reserve Bank of India (RBI) has released draft Master Directions on Cyber Resilience and Digital Payment Security Controls for Payment System Operators (PSOs) and invited comments from stakeholders. The draft directions are aimed at strengthening governance mechanisms and implementing baseline security measures to ensure safe and secure digital payment transactions across the country.
The draft guidelines cover the identification, assessment, monitoring, and management of cybersecurity risks, including information security vulnerabilities, for all entities involved in digital payments. The directions specify the minimum security standards to be followed by PSOs to protect customers and the payment ecosystem from potential cyber threats.
Stakeholders can submit comments or feedback by email or by post to the Chief General Manager, Department of Payment and Settlement Systems, RBI, 14th Floor, Central Office Building, Shahid Bhagat Singh Road, Mumbai – 400001. The deadline for submissions is June 30, 2023.
The move follows the announcement in the Statement on Developmental and Regulatory Policies as part of the Monetary Policy Statement dated April 08, 2022, where RBI had indicated its intention to issue directions to enhance cyber resilience and payment security of PSOs.
The RBI emphasized that these directions are part of ongoing efforts to strengthen digital payment infrastructure and safeguard users against cyber risks, supporting India’s vision of a secure and robust digital economy.
[RBI]