Payment companies face tighter RBI norms

The Reserve Bank of India (RBI) has tightened its supervision norms over payment companies storing customer data, amid a slew of cyber-security breaches at Indian tech startups over the last few months.

From April 1, all licensed payment system operators (PSOs) will have to submit detailed “compliance certificates” to the central bank twice a year, signed by their CEOs or managing directors, confirming adherence to all RBI regulations around security and storage of payment data.

In a letter issued by the central bank’s Department of Payment and Settlement Systems (DPSS) on Friday to all PSOs, RBI has asked these certificates be submitted on April 30 and October 31 for the period ending March 31 and September 30, respectively, every year. ET has reviewed a copy of the letter.