Question: which bank was temporarily stopped by RBI recently from issuing new credit cards and launching new digital banking initiative?
a) SBI
b) ICICI
c) HDFC
d) PNB
Answer: c)
Related Fact:
Context
- RBI has recently barred HDFC bank temporarily from issuing new credit cards and launching new digital banking services because of outage in services at bank in last 2 years.
Facts
- RBI will be issuing digital payment security control direction for regulated entity for improving the security of digital payment channels and also to improve the consumer services offered by these entities.
- The Directions propose the setting up of robust governance structure. It includes implementation of common minimum standards of security controls for mobile banking, internet, and card payments. Digital payments will also be covered in it. It will bring a coomon standard for mobile banking, internet banking and card payments.
- The credit card transactions have increased by 6.7% between October 2020 and November 2020. In September 2020, the number of credit card transactions was at 1.8 million. It increased to 2.07 billion in October and 2. 21 billion in November. This shows the fast transition of India towards digital payments.
- Currently there are no security protocols and authentication method available for debit card, credit card or mobile wallet payments. With ever increasing growth in paperless payment system use, it is imperative to provide for robust security mechanisms.
By – Kameshwar Shukla