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RBI wants two stage authentication for online banking

The Reserve Bank of India has mooted two-stage authentication in online banking in order to prevent frauds. The central bank has made such a suggestion to banks in the country. RBI has brought out a report, ‘Enabling Public Key Infrastructure (PKI) in Payment System Applications’ in which it has told banks that t hey should inform customers about risks associated with different types of online banking transactions. The report also said internet banking applications of all banks should mandatorily create authentication environment for password- based two-factor authentication as well as PKI-based system for authentication and transaction verification in online banking transaction. It also said customers should be given the option to choose from different methods of authentication for ensuring security of online transactions. PKI-enabled electronic payments systems like RTGS, NEFT, CBLO, Forex Clearing, Government Securities Clearing and Cheque Truncation System (CTS) have in volume terms contributed 25.1% and in value terms accounted for 93.7% of the total payment transactions carried out in 2012-13. Non-PKI enabled payment systems contributed 75% in volume terms but only 6.3% in value terms in the year 2012-13.

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