RBI announces draft cyber security norms for payment system operators

In a move to ensure safety and security of digital payments amid emerging cyber risks, the Reserve Bank of India (RBI) on Friday announced draft regulations for payment system operators (PSOs).

It proposed that such norms would be implemented from April 1, 2024, for large non-bank-PSOs.

For medium-sized non-bank PSOs, the deadline for implementing the regulation will be April 1, 2026, and for smaller ones, it’s April 1, 2028.

The draft directions issued by the regulator covers robust governance mechanisms for identification, assessment, monitoring, and management of cyber security risks.