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.
