RBI’s Rules on Digital Payments- Banking Awareness Special Series

Team Adda247 and Bankers Adda have introduced a Special Banking Awareness series for SBI and IBPS Interviews 2021. In this series, we will be introducing the candidates with some banking awareness topics  On a daily basis that will improve their general awareness and will also ensure that the candidates do not lack in any banking term when it comes to the interview round. Today the topic of our Banking Awareness Series is RBI’s Rules On Digital Payments. To know more about this banking awareness special series click on the link below

Banking Awareness Special Series For SBI & IBPS Interviews 2021

RBI set rules on Digital Payments

The central bank has set a framework on Digital Payments to strengthen India’s digital payments architecture. It will enhance security, control, and compliance among banks, gateways, wallet operators, and non-bank entities that are the vanguard of helping New Delhi achieve its goal of a ‘less-cash’ transaction economy. The new rules come at a time when India’s flourishing payments ecosystem has seen increased instances of outages, frauds, and cyber-breaches. This new framework will abide by all regulated entities to standardize their security operations within 6 months to ensure compliance. The guidelines shall create an enhanced and enabling environment for customers to use digital platforms in a more safe and secure manner. It includes mandates from source code protection of third-party UPI apps, Cybersecurity guidelines for safety against external attacks, internet banking, and Card Payments. Recently Finance minister Nirmala Sitharaman had proposed Rs.1500 crore-scheme to promote digital payment.
These rules will have implications for not only regulated banks but also third-party payment
applications like Whats App Pay, Google pay, Phone-pay, etc., On how they interacting with their banking partners and store customer data.
A high-level committee on Digital Payments chairman: Shri Nandan Nilekani