Reserve Bank of India (RBI) Governor Shaktikanta Das said on Friday that the central bank will introduce digital payment security control directions for regulated entities. Das said in a statement issued after the bi-monthly review of monetary policy that the move will improve the security of digital payment channels and will also improve the convenience for users.
The RBI governor said, “These guidelines will provide for the implementation and monitoring of certain minimum standards on the requirements of excellent company operations and common security controls of mediums such as Internet and mobile banking, card payments, etc.” Draft document will be presented soon for public suggestion.
The announcement has been made by the RBI governor at a time when just a day ago, the Reserve Bank has now banned the private sector largest HDFC bank from issuing credit cards and starting new digital services. The Reserve Bank has taken this action after several incidents of disruption of services in the bank during the last two years.
So that trust in digital banking remains ..
Regarding action on HDFC Bank, Das said that this action was taken to maintain people’s trust in digital banking. He emphasized that on the technology front, banks need to invest more. Das said that the State Bank of India (SBI) is also studying about the recent disruptions in digital banking services.
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Bank strengthen its IT system
The RBI governor said in the press conference that such problems have come up earlier in the case of HDFC Bank. HDFC Bank has a strong presence in Digital Banking and Internet Banking. We have concerns about some deficiencies. It is necessary that HDFC Bank strengthen its IT system before expanding further. We cannot leave thousands of millions of consumers using digital banking services to face problems for hours at a time, especially when we are putting so much emphasis on digital banking. People’s trust in digital banking should be maintained.
Source: www.financialexpress.com