Centre issues draft rules on e-wallet payments

Centre issues draft rules on e-wallet payments

The Centre has issued draft rules to ensure integrity(अखंडता), security and confidentiality (गोपनीयता) of electronic payments made through prepaid payment instruments (PPIs), popularly called e-wallets. The draft rules, on which the Ministry of Electronics and Information Technology has sought (मांगा) public comments, make it mandatory(अनिवार्य) for e-PPI (electronic pre-payment instrument) issuers to develop an information security policy that ensures that the systems operated by them are secure.

The Information Technology (Security of Prepaid Instruments) Rules, 2017, define an e-PPI issuer as a “person operating a payment system issuing prepaid payment instruments to individuals/organisations” under the aegis of Reserve Bank of India. The rules make it compulsory for e-PPIs to publish on their websites and mobile applications both their ‘privacy policy’ and terms for use of their payment systems. The draft also details the requirements of a privacy policy. The rules mandate that e-PPIs should carry out risk assessment to spot security risks and also ensure adequate due diligence(परिश्रम) is done before issuing PPIs.

Definitions of mandatory अनिवार्य

adjective

required by law or rules; compulsory.

wearing helmets was made mandatory for cyclists

synonyms: obligatory, compulsory, binding, required, requisite, necessary, essential, imperative

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Definitions of diligence परिश्रम

noun

careful and persistent work or effort.

It's all just going to take diligence and persistence and we've got plenty of that.

synonyms: conscientiousness, assiduousness, assiduity, hard work, application, concentration, effort, care, industriousness, rigor, meticulousness, thoroughness, perseverance, persistence, tenacity, dedication, commitment, tirelessness, indefatigability, doggedness

a public stagecoach.