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.
Reserve Bank of India is proposing the creation of a new digital retail payment system, similar to the National Payments Corp. of India, to expand the reach of digital payments to those who don't use banks and help reduce the dependency on cash.
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?
The compliance deadlines are aggressive - but so are today's threats, says Vishal Salvi, CISO of HDFC Bank, discussing the challenges of meeting the Reserve Bank of India's new information security standards....
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.
RBI's recent move to mandate that all banks must use Aadhaar as the primary form of authentication for anyone accessing their bank account is stirring a debate about the long-term role of the authentication mechanism and associated data security issues.