Government issues draft rules on e-wallet payments
Posted on:11 Mar 2017 09:36:01
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11 March 2017 Current Affairs: The Ministry of Electronics and Information Technology (MEITY) has issued draft Information Technology (Security of Prepaid Payment Instruments) Rules 2017 for Prepaid Payment Instruments (PPI) company or e wallet firms.The draft rules seek to ensure integrity, security and confidentiality of electronic payments made through PPIs. It covers an entire spectrum for protecting consumer information, especially financial data.
Key Features of the Rules:
Definition of e-PPI issuer: Person operating a payment system issuing prepaid payment instruments to individuals or organisations under the aegis of Reserve Bank of India (RBI).
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