RBI’s Payment System Operators (PSOs) norms

The Reserve Bank of India (RBI) has released a draft of ‘Master Directions on Cyber Resilience and Digital Payment Security Controls for Payment System Operators.

Popular PSOs like PayPal, RuPay, Visa, Mastercard, and Paytm act as intermediaries in processing and settling payments between buyers and sellers in online transactions.

• The proposed guidelines require PSOs to implement inventory management, approved cybersecurity measures, and crisis management plans, and comply with Basel standards.
• PSOs will have to report any unusual incident including those involving cyber-attacks, internal fraud etc. to RBI within six hours of detection.
• Provisions of these directions shall apply to all authorised non-bank PSOs.
• The Board of PSOs has been made responsible for ensuring adequate oversight over information

These measures are intended to improve cyber safety and protect digital payment systems.

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