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RBI TO ISSUE CYBERSECURITY NORMS

  • April 25, 2021
  • Posted by: admin1
  • Category: DPN Topics
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RBI TO ISSUE CYBERSECURITY NORMS

Subject: Economy

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

Concept:

  • 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.

NPCI

  • 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.
  • Founded in: 2008.
  • Headquarters: Mumbai.
economy RBI TO ISSUE CYBERSECURITY NORMS
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