RBI to Issue CyberSecurity Norms for Payment Services

27 April 2021 Current Affairs:The RBI will soon difficulty cybersecurity norms for payment provider vendors (PSPs), following a sequence of statistics breaches confronted by way of operators.

♦ The standards for fintech-driven charge services providers will be comparable to cyber hygiene norms issued lately for banks and non-banking finance corporations (NBFCs).
♦ The firms will additionally have to do more than observe the minimal requirements to make sure protection as digital transactions achieve further traction.
♦ The NPCI had laid down a framework for a greater even distribution of the share of third-party app providers in the UPI system.
♦ The National Payments Corporation of India (NPCI): It is an umbrella organization for working retail repayments and contract structures underneath the ownership of the Reserve Bank of India in India. Founded in: 2008. Headquarters: Mumbai

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