New Delhi: The RBI has issued norms for non-bank payment system operators (PSOs) to improve the safety of payment systems. The RBI stated that by offering a framework for general information security readiness with a focus on cyber resilience, the guidelines seek to increase the safety and security of the payment systems run by PSOs.
Under the guidelines, the PSOs are required to implement real-time fraud monitoring solutions. These solutions will help identify suspicious transactions and generate alerts. The non-bank PSOs must ensure that a payment session on a mobile application is automatically terminated after a few minutes of inactivity. Regarding mobile payments, the RBI stated that PSOs must ensure that an authenticated session, along with its en cryption protocol, is maintained throughout the interaction with the customer.
These guidelines are given by Master Directions on Cyber Resilience and Digital Payment Security Controls for non-bank PSOs. The guidelines also require card networks to limit the number of transactions for card payments. They will also have to design a mechanism to alert customers in case of any suspicious incident. According to RBI, the directions aim to provide a framework for the overall security of customer information and to ensure a seamless transaction experience.
