India’s Union Budget 2022 resolves some of the uncertainty around the legitimacy of crypto assets. While crypto assets will not be considered as currency, Finance Minister Nirmala Sitharaman announced that the Reserve Bank of India will be launching a blockchain-based digital rupee this year.
The need for enhanced business agility and secure remote access to support digital transformation has led to the adoption of the security access service edge, or SASE, model, says Rajpreet Kaur, senior principal analyst at Gartner.
Organizations in India need to ramp up their authentication efforts in light of a 40% increase in cashless transactions since the start of the COVID-19 pandemic, which has led to increases in attempted fraud, security experts say.
The Reserve Bank of India's plans to create a self-regulatory organization by April to help oversee the digital payments system could help reduce the complexity of RBI's efforts to help ensure payments security, some security experts say.
The Reserve Bank of India has decided to allow all banks to use remote video-based "know your customer" authentication for onboarding new clients. But some observers say many Indian banks may prove reluctant to use video KYC because they lack the necessary technology and new customers lack smartphones.
Starting Jan. 1, State Bank of India will no longer accept magnetic stripe debit card transactions and will accept only EMV chip-based cards in compliance with an RBI mandate, which is designed to help prevent card fraud, including skimming and cloning.
As part of its ongoing push toward cashless payments, India is taking steps to ramp up the use of contactless payments, which are already becoming more common in Japan, South Korea, Australia, the U.K. and the U.S. What can be done to balance security vs. convenience?
Although the Reserve Bank of India mandated that banks complete the shift from magnetic stripe debit and credit cards to EMV chip-and-PIN cards by Jan. 1 to help reduce fraud, there's still plenty of work to be done.
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