RBI tells banks to make e-payments policy

The Reserve Bank of India (RBI) on Thursday directed regulated entities to formulate a board-approved policy for digital payment products and services. This attempt to improve governance standards for banks will come into effect six months from Thursday. These directives will apply to scheduled commercial banks, small finance banks, payment banks and credit card issuing non-banking financial companies. Regional rural banks (RRBs), however, will be excluded from the ambit of these banks.

“The board and senior management shall be responsible for implementation of this policy. The policy shall be reviewed periodically, at least on a yearly basis. Regulated entities may formulate this policy separately for its different digital products or include the same as part of their overall product policy,” the RBI said.