Payment companies, credit card networks and prepaid wallets, among others, will have to craft information security policies, conduct risk assessment exercises, and enable customers to flag fraudulent transactions, the central bank proposed in draft guidelines issued on Friday.
The guidelines on cyber-resilience and digital payments security controls for Payment system operators (PSOs) will be implemented in a phased manner, the Reserve Bank of India (RBI) said, with the biggest entities liable to comply the first. The central bank has also sought feedback from all stakeholders on its proposals by 30 June.
The guidelines will help establish a framework for information security preparedness, with a focus on cyber resilience, the RBI said. In April 2022, it had announced its intention to issue new norms for PSOs.
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