RBI Annual Report Details CNP Changes
Sept. 2, 2010
In its 2009-2010 annual report released recently, the Reserve Bank of India said it has taken a number of steps to address Internet and mobile technology payment solutions in the past year. To mitigate the risks arising from the use of credit and debit cards in e-commerce environments, it was mandated that all Card Not Present transactions should be additionally authenticated based on information not available on the card. It also called for an email or text alert to be sent to cardholders for such transactions exceeding Rs5,000 ($107.18). Also, the operating guidelines for mobile banking, issued in October 2008, were relaxed in December 2009, facilitating mobile banking transactions up to Rs50,000 ($1,071.81), both for e-commerce and money transfer purposes.