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The second factor authentication rule is relaxed in India

In 2009 the Reserve Bank of India (‘RBI’) put into place a requirement for banks to implement an ‘additional factor of authentication’ (‘AFA’) based on information that is not visible on the credit/debit cards used in card not present (‘CNP’) transactions; typically this is delivered to consumers via internet passwords, for instance. Now the AFA Rule is set to be relaxed, with the RBI notifying the industry on 6 December 2016 that transactions of a certain value can be made without following the AFA Rule. Aaron Kamath and Vaibhav Parikh of Nishith Desai Associates discuss the background to the RBI’s latest move and how it fits into the wider push by the Indian Government towards the use of digital payments in the country.

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