In the wake of growing cybercrimes in the financial industry, RBI has decided to tighten the security measures by introducing RBI’s Master Direction on Digital Payments Security Controls. This comes at a crucial time when there is a huge spike in digital payment frauds. Addressing this growing issue in the industry, RBI’s Master Direction comes as a guideline for Regulated Entities such as the Scheduled Commercial Banks, Small Finance Banks, Payment Banks and Credit Card issuing NBFCs to implement an effective governance structure and establish industry standards of security controls for digital payment products and services.
