The Reserve Bank of India's plans to create a self-regulatory organization by April to help oversee the digital payments system could help reduce the complexity of RBI's efforts to help ensure payments security, some security experts say.
The Reserve Bank of India has decided to allow all banks to use remote video-based "know your customer" authentication for onboarding new clients. But some observers say many Indian banks may prove reluctant to use video KYC because they lack the necessary technology and new customers lack smartphones.
Starting Jan. 1, State Bank of India will no longer accept magnetic stripe debit card transactions and will accept only EMV chip-based cards in compliance with an RBI mandate, which is designed to help prevent card fraud, including skimming and cloning.
WhatsApp, the messaging service owned by Facebook, says it's ready to launch its digital payment services, WhatsApp Pay, in India following its beta test. But the Supreme Court says WhatsApp first must comply with RBI's data localization requirements.
Many corporate boards of directors in India have made progress in recognizing cybersecurity as a priority. But clearly, they still have a lot of work to do. Panelists at a recent ISMG summit in Bengaluru offer insights.
The Reserve Bank of India is proposing that financial technology firms be allowed to test new products and services that might require the relaxation of certain compliance regulations in what's called a "regulatory sandbox" approach.
As part of its ongoing push toward cashless payments, India is taking steps to ramp up the use of contactless payments, which are already becoming more common in Japan, South Korea, Australia, the U.K. and the U.S. What can be done to balance security vs. convenience?
Although the Reserve Bank of India mandated that banks complete the shift from magnetic stripe debit and credit cards to EMV chip-and-PIN cards by Jan. 1 to help reduce fraud, there's still plenty of work to be done.
Now that RBI Governor Urjit Patel has stepped down, the security community is waiting to see how the central bank's cybersecurity strategy might change under new leadership.
After initial protests, Google, Facebook, Amazon and Microsoft, along with major payment firms, have indicated they plan to comply with the Reserve Bank of India's payment data localization mandate and meet the Oct. 15 deadline. Security experts analyze the impact of the data storage shift.
Privacy advocates are praising the India Supreme Court's ruling that private entities can no longer require the use of Aadhaar data for authentication, but they're pressing for swift passage of a new data protection law.
But before India enacts a domestic data storage mandate, all the cost implications must be carefully considered. Legislators must study whether the benefits justify the hefty costs involved.
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