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RBI Launches Framework To Secure Digital Payments

Inc42 · 1y ago

RBI Launches Framework To Secure Digital Payments

The Reserve Bank of India (RBI) has announced plans to issue guidelines for a principle-based framework for the authentication of digital payment transactions. The RBI Governor emphasized the need for additional factor authentication (AFA) to secure digital payments. The proposed framework aims to enhance the security of digital payments and promote the adoption of alternative authentication methods. The RBI also plans to simplify the onboarding process for Aadhaar enabled payment system (AEPS) providers and introduce measures for fraud risk management. This move reflects RBI's commitment to enhancing the efficiency and security of digital transactions in India.

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RBI is planning to change the OTP you use to authenticate your transaction, here’s how

Startup News FYI

Startup News FYI · 1y ago

RBI is planning to change the OTP you use to authenticate your transaction, here’s how

The Reserve Bank of India (RBI) is planning to replace the One-Time Password (OTP) system for authenticating digital transactions with a new principle-based framework. The central bank aims to enhance the security of digital payments and encourage the adoption of alternative authentication mechanisms such as app-based approval and biometric authentication. The proposed framework will offer flexibility to RBI-regulated entities to use other modes of authentication and is expected to improve the overall security of digital transactions.

RBI keeping a close watch on newly-licensed payment firms

Economic Times

Economic Times · 2m ago

RBI keeping a close watch on newly-licensed payment firms

The Reserve Bank of India (RBI) is intensifying scrutiny of newly licensed payment aggregators with regular audits and inspections to prevent fraudsters from exploiting the digital payments ecosystem. The RBI is closely monitoring KYC processes and examining payout policies, ensuring compliance with financial norms. The regulator is pushing fintech firms to implement robust, board-approved policies and adhere to best practices. With a focus on transparency and honesty, the RBI aims to maintain a secure digital payments environment in India.

Safeguarding Digital Lending Through Robust Compliance Measure

Inc42 · 1y ago

Safeguarding Digital Lending Through Robust Compliance Measure

The RBI has introduced new regulations to address malpractices in digital lending in India. The guidelines include the establishment of a unified regulatory framework for web-aggregation of loan products (WALP) across all regulated entities, ensuring fair practices, customer protection, and data transparency. Lending service providers will be brought under this framework to improve customer-centric lending services. Additionally, digital lenders must disclose the all-inclusive cost of loans upfront, and the Digital Personal Data Protection (DPDP) Act of 2023 mandates robust data protection and privacy measures. These measures aim to create a fair and secure digital lending space while maintaining consumer trust.

RBI Proposes New Framework On Additional Factor Of Authentication For Digital Payments

Inc42 · 1y ago

RBI Proposes New Framework On Additional Factor Of Authentication For Digital Payments

The Reserve Bank of India (RBI) has released a draft framework that aims to provide more options for authentication in digital payment transactions. The framework proposes that one of the authentication factors be created dynamically for all transactions, except card present transactions. The RBI is seeking feedback on the draft framework until September 15, 2024.

RBI permits automatic replenishment of UPI Lite wallet

YourStory

YourStory · 1y ago

RBI permits automatic replenishment of UPI Lite wallet

The Reserve Bank of India (RBI) has proposed a new facility that would allow customers to automatically refill their UPI Lite wallets. UPI Lite is a simplified version of the Unified Payments Interface (UPI) and serves as an on-device wallet for small-value transactions. Currently, UPI Lite has a daily limit of Rs 2,000 and a single payment limit of Rs 500. By introducing the option for automatic replenishment, the RBI aims to promote greater adoption of UPI Lite and enhance the ease of making small digital payments. Additionally, the RBI plans to include recurring payments, such as Fastag and National Common Mobility Card (NCMC), in the e-mandate framework to further convenience for customers.

Cashfree Gets RBI’s Prepaid Payment Instrument Licence

Inc42 · 10m ago

Cashfree Gets RBI’s Prepaid Payment Instrument Licence

Cashfree has become the first fintech company to secure licences for payment aggregator (PA), payment aggregator-cross-border (PA-CB), and prepaid payment instrument (PPI) from the RBI. The PPI license will allow Cashfree to issue prepaid payment instruments such as cards and digital wallets. Founded in 2015, Cashfree offers a comprehensive digital payments solution platform.

India releases draft framework to boost cross-border adoption of digital public infra

Money Control

Money Control · 2y ago

India releases draft framework to boost cross-border adoption of digital public infra

India has released a draft framework aimed at promoting the cross-border adoption of digital public infrastructure. The framework focuses on enhancing interoperability and trustworthiness of digital systems, ensuring secure data exchange, and enabling global collaboration. It also seeks feedback from stakeholders to refine and finalize the framework, which is expected to boost India's digital ecosystem and global partnerships.

Fintech firms enabling secure, inclusive financial services for merchants, MSMEs: FM

YourStory

YourStory · 3m ago

Fintech firms enabling secure, inclusive financial services for merchants, MSMEs: FM

Finance Minister Nirmala Sitharaman praised fintech innovations for enhancing secure and inclusive financial services during her visit to Pine Labs. She highlighted their role in expanding India’s Digital Public Infrastructure, benefiting merchants and MSMEs. Sitharaman witnessed demonstrations of fintech solutions related to prepaid instruments and the Account Aggregator framework, emphasizing their transformative impact. A recent study showed 90% of MSMEs accept online payments, but only 18% utilize digital lending, indicating growth potential.

Digital payments rise 10.7 pc at end-March 2025: RBI data

Economic Times

Economic Times · 1m ago

Digital payments rise 10.7 pc at end-March 2025: RBI data

As of March 2025, digital payments in India rose by 10.7% year-on-year, according to the RBI-Digital Payments Index (RBI-DPI). The index, which measures the digital payments adoption across the country, reached 493.22, up from 465.33 in September 2024. This growth was driven by enhancements in Payment Infrastructure supply-side factors and Payment Performance. The RBI-DPI includes parameters like Payment Enablers, Infrastructure, Performance, and Consumer Centricity.

RBI Mandates ‘fin.in’ Domain For Non-Banks To Prevent Digital.Payment Frauds

OutlookIndia

OutlookIndia · 6m ago

RBI Mandates ‘fin.in’ Domain For Non-Banks To Prevent Digital.Payment Frauds

The Reserve Bank of India (RBI) has announced a new initiative to enhance digital security in the financial sector by introducing a dedicated "fin.in" domain for non-bank financial entities. This move aims to counter rising cyber threats and fraud in digital payments, creating a more secure and unified digital ecosystem. The RBI's broader strategy involves extending the Additional Factor of Authentication (AFA) for international transactions, safeguarding users and institutions from malicious activities in the digital space.

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