RBI to Issue CyberSecurity Norms for Payment services
Part of: GS Prelims and GS – III – Economy
- The RBI will soon issue cybersecurity norms for payment service providers (PSPs), following a series of data breaches faced by operators.
- The standards for fintech-driven payment services providers will be similar to cyber hygiene norms issued recently for banks and non-banking finance companies (NBFCs).
- The firms will also have to do more than observe the minimum standards to ensure safety as digital transactions gain further traction.
- The National Payments Corporation of India (NPCI) had laid down a framework for a more even distribution of share of third-party app providers in the UPI system.
Important value additions
The National Payments Corporation of India (NPCI)
- It is an umbrella organisation for operating retail payments and settlement systems under the ownership of Reserve Bank of India in India.
- Founded in: 2008.
- Headquarters: Mumbai