Issues concerning the security of consumer data and the accountability of the service providers responsible for facilitating such transactions have grown significantly with the rising popularity of cashless transactions. Hence, the Reserve Bank of India has established a framework for the payment system providers so that the clients can rely on the proper and risk-free transaction methods. This was done with consideration for the interests of the public and the risks they would expose themselves to when using the services of virtual transaction methods.
According to the Payment Settlement Act of 2007, the Reserve Bank of India is in charge of overseeing the Indian banking payment and settlement system. In light of this, RBI has issued a certificate of authority to any business establishing and running a payment system in India. The technology used to run the payment system must be safe, secure, and efficient, and it must follow the established process flow in order for a payment firm to maintain its authorization. An RBI PSS audit examines a variety of factors, including disaster recovery, access controls, hardware, operating systems, and security and controls.
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