RBI working to remove 2-step security for small online transactions
20 Dec 2014 12:05 PM GMT
Currently a 2-step verification is required for most credit card transactions
RBI cuts statutory liquidity ratio to 22 per cent of deposits from August 9; Picture for representational purpose (Photo: DC archives)
Mumbai: The Reserve Bank of India is working on a system that would allow small value electronic transactions without a second level of verification that is now required for most transactions involving domestic credit cards, Deputy Governor H.R. Khan said on Friday.
Mr Khan said the central bank was likely to come up with a structure in two months while speaking to reporters on the sidelines of an event.
India's central bank currently requires online transactions undergo a two-step verification process.
Global e-commerce companies such as Uber Technologies Inc had sought to avoid the two-step process by routing online payments through an offshore server.
( Source : reuters )
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