RBI issues draft cybersecurity norms for payment system operators

The Reserve Bank of India on Friday released draft Master Directions on Cyber Resilience and Digital Payment Security Controls for payment system operators (PSOs) that cover governance mechanism for identification, assessment, monitoring and management of cybersecurity risks.

The central bank has invited comments from stakeholders before June 30.

As per the draft circular, the boards of payment system operators will be responsible for ensuring adequate oversight over information security risks, including cyber risk and cyber resilience.

However, the primary oversight can be delegated to a sub-committee of the board that will have to meet at least once every quarter.

"The PSO shall formulate a board-approved Information Security (IS) policy to manage potential information security risks covering all applications and products concerning payment systems as well as management of risks that have materialised," the draft note said.