Question
Which of the following statements accurately reflects
the recent draft circular proposed by the Reserve Bank of India (RBI) regarding digital payments?Solution
The RBI's draft circular aims to enhance digital-payment security by proposing an additional authentication factor that must be robust, dynamically created, and used only once. However, it exempts certain transactions, such as contactless card transactions below ₹5,000 and insurance premiums, from this requirement. The proposal also emphasizes the need for customer consent and outlines due diligence procedures for Aadhar-enabled Payment System (AePS) touchpoint operators, ensuring ongoing compliance with existing regulations.
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The Act allows withdrawal of consent:
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