The most recent guidelines introduced by the Ministry of Information Technology over the cyber security on prepaid payment instrument or PPIs have led a concerns among wallet and e-payment companies in a relation to the possibility of double-checking of the Reserve Bank Of India (RBI) and also by Central government.
Currently the PPIs is controlled by the RBI under the power conferred by the central government through the Law on Payments and Settlement System (2007). The government also added there is an urgent need for the better coordination between two parties in order to avoid overlaps of the jurisdictions.
The ministry has urged e-payment companies to accept the multi-factorial authentication process while making a payments. According to the industry sources, which says that “This will kill their business, as the new level would hamper the mechanism of the instant payment system.
The Intel Security outlined a new and unified approach on the cyber-security industry, which seeks to eliminate the fragmentation through improved integrated solutions, new cross-sector partnerships and product integration’s within the Intel Security Innovation Alliance and Cyber Threat Alliance (CTA).
According to the new rule on PPIs, the ministry can ask the companies to report on cyberattacks to CERT-In (Indian Computer Emergency Response Team).
Founder of Transerv, Sandeep Gulet said “Presenting the different levels of authentications can lead to the payment failures, since Internet communication is till poor in rural areas,and which may cause frictions in the smooth payments regime that we offers.”
“We have a guidelines for cyber security protocol which was introduced by RBI, and individual accountability mechanisms. We are not entirely clear what is going on in a separate list of rules and individual reporting mechanisms,” He added.
The Minister of IT, Ravi Shankar Prasad said “The government is open to international cooperation in the field of the cyber security and cyber terrorism in a favor of solving the problem in cooperation with other countries”.
Bipin Preet Singh, Founder of Mobikwik said : “We have a security system certified by PCI DSS and ISO 270001,and our return ticket automatically closed after 30 minutes of Raising”.
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