The Reserve Bank of India's new guidelines on interoperability of prepaid payment instruments will lead to better management of cybersecurity and security audits. But many questions are yet to be answered.
The Reserve Bank of India has called for a self-regulation approach for the fintech industry to help ensure data security. "There is a need for a self-regulatory governance framework to foster best practices on important aspects like security," an RBI official says.
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.
Although some global payment organizations apparently have failed to meet the Bank of India's October 15 deadline for storing all Indians' payment data domestically, the nation's central bank reportedly has ruled out extending the deadline and is demanding a status report.
Reserve Bank of India wants to recruit senior vice presidents for four vertical functions in its proposed IT subsidiary. But the search for a CEO to lead the team is still ongoing. What is the reason for the delay? And how can the process be streamlined?
The Reserve Bank of India issued a notice to all cooperative banks advising them to apply caution while deploying third-party core banking applications and check for appropriate security standards. The move came after credential theft incidents at some banks. But will banks heed the advice?