The Reserve Bank of India (RBI) had mandated an Additional Factor of Authentication (AFA) for all transactions using cards, prepaid instruments, and mobile banking channels. While no specific factor was required, the digital payments ecosystem has mainly relied on SMS-based OTP for AFA.
- As stated in the Statement on Developmental and Regulatory Policies dated February 08, 2024, to enable the payments ecosystem to harness technological advancements and implement alternative authentication mechanisms, the RBI has decided to publish a Framework on Alternative Authentication Mechanisms for Digital Payment Transactions. The framework outlined in the Annex sets forth broad principles that all participants in the payment chain must adhere to when using various authentication methods.
- All Payment System Providers and Participants (both banks and non-banks) must comply with this framework within three months from the issuance date of these directions. These directions are issued under Section 18, in conjunction with Section 10(2), of the Payment and Settlement Systems (PSS) Act, 2007 (Act 51 of 2007).
By FCCT Editorial Team
, an independent military force, and allied militias in Sudan raped several dozen women and girls in West Darfur’s capital, El Geneina, and those fleeing to Chad between late April and late June 2023, Human Rights Watch said today. The assailants appear to have targeted people because of their Massalit ethnicity and, in some cases, because they were known activists.){kind=link}