RBI eases two-factor authentication norms for online transactions under Rs 2,000
In the interest of customer awareness and protection, RBI said the banks and authorised card networks offering such solutions will bear the full liability in the event of any security breach or compromise in the authorised card network In a bid to speed up small value online transactions, the RBI today relaxed norms for additional factor of authentication for payments up to Rs 2,000. Relaxing the norms for AFA requirement for transactions up to Rs 2,000 for online CNP transactions, the RBI said only authorised card networks will provide such payment authentication solutions with participation of card issuing and acquiring banks. Banks and card networks are free to facilitate their customers to set lower per transaction limits,” RBI said. RBI further said “suitable velocity checks (how many such small value transactions will be allowed in a day/week/month may be put in place by banks/card networks as considered appropriate.” In the interest of customer awareness and protection, RBI said the banks and authorised card networks offering such solutions will bear the full liability in the event of any security breach or compromise in the authorised card network.
RBI relaxes two-factor authentication rule for online transactions under Rs 2,000
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