Comments
To enhance security of digital payment systems, the Reserve Bank of India proposes 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.
Related Stories
RBI hikes limits for contactless card transactions to ₹5,000
RTGS will soon be made 24x7“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,” said the Statement on Developmental and Regulatory Policies of the RBI on Friday.
Related Stories
RBI extends its pause: What lies ahead for borrowers, depositors and bond markets
Grievance redressal framework
RBI Governor Shaktikanta Das said the directions will contain requirements for robust governance, implementation and monitoring of certain minimum standards on common security controls for channels such as internet and mobile banking and card payments.
Related Stories
Economy recovering faster than anticipated: RBI Governor
Signs of nascent recovery have become visible in second half, more sectors joining the upturn, says Shaktikanta DasMeanwhile, the RBI has also decided to put in place a comprehensive framework for grievance redressal in banks.
“With a view to strengthen and improve the efficacy of the internal grievance redress mechanism of the banks and to provide better customer service, it has been decided to put in place a comprehensive framework comprising inter-alia of enhanced disclosures on customer complaints by the banks, a monetary disincentive in the form of recovery of cost of redress of complaints from banks when maintainable complaints are comparatively high, and undertaking intensive review of grievance redress mechanism and supervisory action against banks that fail to improve their redress mechanism in a time bound manner,” the Statement said, adding that it would be put in place during January 2021.
At present, the Ombudsman mechanism instituted by the Reserve Bank is an alternate grievance redress mechanism.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.