DSCI-NASSCOM inputs on MeitY ‘Security of Prepaid Payment Instrument Rules 2017- Draft’
20th March, 2017
Ministry of Electronics and Information Technology (MeitY) recently released the draft rules with the objective of enhancing Security of Prepaid Payment Instruments (PPIs) and sought comments and suggestions from the stakeholders to finalize the draft.
The draft rules are available at the following link: http://meity.gov.in
DSCI-NASSCOM analyzed the draft, consulted member organizations operating in this space and accordingly have prepared attached inputs that is submitted to MeitY for further action. The inputs have been provided at principle level on the overall approach this framework should take, followed by section specific comments.
In past one year, there have been significant developments which are pushing the ‘cyber security envelope’ of the country. It clearly signifies the focus of the governments, regulators and industry in dealing with the menace of security and privacy head on and enhancing trust and assurance amongst users. For Digital India to succeed, cyber security and data protection have to be addressed. On digital payment ecosystem front, we believe that there is a need to develop overall security framework to govern the entire ecosystem, than stipulating different regulatory security rules for distinctive use cases. Standardized and streamlined security related requirements, than multiple regulatory requirements originating from different sources, will help raise focus on security implementation. With recommendation of developing a principle based framework for security of digital payment ecosystem by RBI, we also highlight the importance of enacting a comprehensive Privacy Law in India.
To read detailed inputs, please click here.