The digital payment landscape in India is spread in a variety of products that have reached far and wide. Being accessible to a very broad spectrum of users with highly variable awareness brings in intricacies in dealing with the complexities. Inclusiveness can be achieved only by making the process simple, convenient and available. This brings forth the challenges of protecting and securing the interests of the participants.
Going by the pre-eminent role being played by digital payment systems in India, Reserve Bank of India (RBI) accords high importance to the security controls around it. Reserve Bank of India (Digital Payment Security Controls) Directions 2020, for regulated entities calls for setting up a robust governance structure for such systems and implement common minimum standards of security controls for all payment transaction channels. The guidelines are technology and platform agnostic, and aims to create an enhanced and enabling environment for customers to use digital payment products in safer and secure manner.
In order to enable the stakeholders to get an insight into the background and the focus of implementation, the Institute organised an online workshop on Master Direction on Digital Payments Security Controls on June 18, 2021. Senior Officials from the Reserve Bank of India shared the RBI perspectives on the matter and also addressed the various queries raised. The Workshop saw an overwhelming response with nearly 320 participants, including CEOs, MDs, CIOs, and CISOs from various banks joining the deliberations.