RBI introduces framework for digital transaction authentication
The Reserve Bank of India (RBI) on February 8 introduced a framework for authentication of digital payment transactions.
Source: ani
“To facilitate the use of such mechanisms for digital security," RBI Governor Shaktikanta Das said at the Monetary Policy Committee announcement.
Source: PTI
"It is proposed to adopt a principle-based framework for authentication of digital payment transactions,” added Das.
Source: ANI
Das said that the RBI has not prescribed any particular Additional Factor of Authentication (AFA) but the payments ecosystem has largely adopted SMS-based One-Time Password (OTP).
Source: Reuters Breakingviews
He further added that instructions for the framework will be issued separately.