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RBI to Issue CyberSecurity Norms for Payment services 

  • IASbaba
  • April 26, 2021
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RBI to Issue CyberSecurity Norms for Payment services 

Part of: GS Prelims and GS – III – Economy 

In news

  • The RBI will soon issue cybersecurity norms for payment service providers (PSPs), following a series of data breaches faced by operators. 

Key takeaways 

  • 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

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