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.
When taking steps to guard against fraudulent transactions through contactless payments, organizations must carefully balance the level of security versus customer convenience, says SriramNatarajan, COO at Quatrro.
The National Payment Corporation of India, the umbrella organization for all retail payments systems, has asked banks to discontinue Aadhaar-based payments through Unified Payments Interface and Immediate Payment System channels.
The Srikrishna Committee's recommendation in its draft of a data protection bill that foreign companies be required to only store domestically certain "critical" data of Indians is impractical and will not help prevent breaches.
The Reserve Bank of India intends to do away with the one-time password authentication process for online transactions. In a step in that direction, for the first time, it's allowing widespread tokenization of debit, credit and prepaid card transactions to enhance the safety of digital payments.
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.
DSCI is working with the FIDO Alliance in an effort to eliminate the use of passwords for authentication in India. But some security practitioners question whether that's a realistic approach that will prove effective. go
A 10-member government-appointed committee in India has drafted a white paper that includes recommendations for components of a new data protection law. The government is seeking feedback on the report through Dec. 31.