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RBI working to remove 2-step security for small online transactions

Posted on: 22/Dec/2014 6:34:15 PM
2-step check is currently required to confirm the security of all small value transactions (including those involving credit cards). 

India`s central bank currently requires online transactions undergo a two-step verification process.

Now, The Reserve Bank of India is working on a system that would allow small value electronic transactions without a second level of verification.

This was informed by 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.

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.