RBI to remove 2-factor authentication norm on small value transactions

Beena Parmar Updated - March 13, 2018 at 10:37 AM.

The RBI Deputy Governor, H R Khan

The Reserve Bank of India will come out with norms on easing the two-factor authentication requirement for small value transactions in a couple of months.

“We are working on that and may be in a couple of months, we will give a convenience where up to a limit, second factor authentication is not required. But there are few nuts and bolts to be tightened,” the RBI Deputy Governor, H R Khan, on the sidelines of a State Bank of India event.

RBI is looking at removing the two-factor authentication requirement for small value transactions up to Rs 3,000 to facilitate easy transactions especially in the wake of e-commerce transacitons gaining traction.

Khan added that few nuts and bolts need to be tighthened. “One is customer liability and we are discussing with banks and Nasscom. We have to use "tap and go" method, but if we use it would not be very convenient ...for example at metros.”

Published on December 20, 2014 05:45