RBI sets rules for digital payments in India

Mumbai: The Reserve Bank of India (RBI) has published detailed guidelines to strengthen India’s digital payments architecture and improve security, control and compliance among banks, gateways, wallets and other non-banking entities that are at the vanguard of helping New Delhi achieve its goal of a ‘less-cash’ economy.

The new rules come at a time when India’s burgeoning payments ecosystem has seen increased instances of outages, frauds and cyber breaches. The new rules set the framework for all regulated entities to standardise their security operations to emulate best practices defined by Mint Road.