The Reserve Bank of India fined Visa 24.1 million rupees (nearly $288,000) for using an unauthorized payment transfer system. The central bank made this announcement on Friday (July 26).
“It was discovered that the entity (Visa) had implemented a payment authentication solution without regulatory clearance from the RBI,” the central bank said in a statement, without providing any specifics on the violation.
By infosecbulletin
/ Saturday , November 2 2024
GitHub has launched an AI tool called 'Spark' that allows users to create apps using natural language, eliminating the need...
Read More
By infosecbulletin
/ Friday , November 1 2024
"A threat actor has reportedly claimed to gain root-level access to Titas Gas’s firewall server and is actively offering this...
Read More
By infosecbulletin
/ Friday , November 1 2024
Zimperium researchers have found a new version of FakeCall malware for Android that threatens financial security. This malware redirects users'...
Read More
By infosecbulletin
/ Friday , November 1 2024
Hikvision, a top provider of network cameras, has issued firmware updates to fix a security vulnerability that could reveal users'...
Read More
By infosecbulletin
/ Friday , November 1 2024
Global threat actors have significantly increased attacks on government sectors, with malware-driven attempts rising by triple digits in the first...
Read More
By infosecbulletin
/ Thursday , October 31 2024
Meetup of Bangladesh Kubernetes User Group was held at Banani Club 9294, Dhaka on Thursday, 31 October 2024. A lively...
Read More
By infosecbulletin
/ Thursday , October 31 2024
Bangladesh Bank issues alert on cyber threat. In its alert the central bank said, according to Bangladesh cyber security intelligence...
Read More
By infosecbulletin
/ Thursday , October 31 2024
Interbank, a major financial institution in Peru, has confirmed a data breach after a hacker leaked stolen data online. Formerly...
Read More
By infosecbulletin
/ Wednesday , October 30 2024
The US Cybersecurity and Infrastructure Security Agency (CISA) has released its first international strategic plan to enhance global cooperation in...
Read More
By infosecbulletin
/ Tuesday , October 29 2024
The Indian Cyber Crime Coordination Centre (I4C) has warned about illegal payment gateways set up by transnational cyber criminals using...
Read More
The statement further read, “We duly acknowledge the RBI order and remain committed to following RBI guidelines and regulations to continue providing safe and secure payment solutions in India.”
According to Reuters, the RBI ordered the credit card business in February to stop using an unauthorized method for specific commercial payments.
In February, Visa and Mastercard were reported to have paused intermediate commercial card payments in India following an RBI directive. The central bank instructed the companies to halt domestic transactions for business payment solution providers (BPSPs).
“Visa received a communication from the RBI on February 8, in what appears to be an industry-wide request for information on the role of business payment solution providers (BPSPs) in commercial and business payments,” a Visa India spokesperson told Reuters at the time.
PayU, a digital financial services provider, got approval from the RBI to operate as a payments aggregator. This means PayU can now onboard new merchants. PayU Payments offers digital payment solutions designed for the Indian market, catering to eCommerce brands, banks, and consumers.