The RBI directed banks to strengthen the existing payment infrastructure and future proofing system along with adoption of fraud risk management practices within a period of next 12-24 months.The RBI has directed banks to implement improved fraud risk management practices by 30 September, 2012.Merchant sourcing and monitoring process should be strenghened by 30 September, 2012.
It also emphasised on the need to migrate to Euro pay MasterCard Visa (EMV) chip and PIN based cards from the present magnetic strip cards as the later is vulnerable to skimming and cloning.The RBI also given a timeframe till 30 September, 2013, to banks for securing the technology infrastructure.
Related Facts:
1.Reserve Bank of India was Established on April 1, 1935
