Highlights
In this model, the card issuing banks will offer the payment authentication solutions of the respective card networks to their customers on an optional basis.
- OTP isn't mandatory for online transactions below Rs. 2,000
- Customers opting for this facility will have a one-time registration
- Authorised card networks will bear liability in event of any breach
RBI further said "suitable velocity checks (how many such small value transactions will be allowed in a day/week/month may be put in place by banks/card networks as considered appropriate."
No More OTP for Online Transactions Under Rs. 2,000, Says RBI