eauthentication and Paperless Office Landscape in Indian Banking Sector
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1 eauthentication and Paperless Office Landscape in Indian Banking Sector 2016 FIDO-APKIC Joint Taipei Seminar: New Directions for Authentication & Identification: FIDO, PKI, and Beyond
2 AGENDA PAYMENT SYSTEMS : EVOLUTION Indian Banking scenario, automation and payment systems PAYMENT APPLICATIONS Payment applications, indicators and transformations SECURITY ARRANGEMENTS Security challenges, security methods GOING PAPERLESS 04 Usage of paper, paperless banking 05 THE FUTURE Digital India Vision
3 INDIA : BANKING SCENARIO Regulated by Reserve Bank of India (RBI) and Ministry of Finance, Govt of India The Indian banking sector s assets pegged at US$ 1.8 trillion in FY14 Consists of ~100,000 banks including public sector, private sector, foreign and cooperative banks Wide adoption in alternate channel banking; various policies set up by RBI has pushed the adoption As of November 2015, million accounts had been opened under Prime Minister s scheme and million RuPay debit cards were issued Source : Annual report of the RBI
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5 PAYMENT SYSTEMS IN INDIA Payment systems - ranging from paper-based systems to the most sophisticated electronic fund transfer systems that offer real-time settlement Classified into Systemically Important Payment Systems (SIPS) and Retail Payment Systems (RPS) Paper-based transactions accounted only for 25.4 % of the total transactions during FY15, down from 33.9% in the previous year Over 70% of the transactions in SIPS are handled electronically; EFT handled 928 million transactions valued at around INR 60 trillion in FY billon transactions valued at around INR 1.9 trillion were carried out through card payments Mobile banking, which is a relatively newer entrant, has shown encouraging growth and handled 171 million transactions worth INR 1 trillion during the year Source : Annual report of the RBI
6 PAYMENT APPLICATIONS The continued increase in the volume of cheques added pressure on the existing set-up, thus necessitating a cost-effective alternative system, which mainly include: Electronic Payments Electronic Clearing Service (ECS) National Electronic Fund Transfer (NEFT) System Real Time Gross Settelement (RTGS) System Collaterised Borrowing and Lending Obligation (CBLO) Other Payment Systems Pre-paid Systems Mobile Banking System ATMs / Point of Sale (POS) Terminals Immediate Payment Service (IMPS) Aadhaar Enabled Payment Systems (AEPS) Majority of the applications use Public Key Infrastructure (PKI) for Login Authentication and/or Transaction Signing
7 Source : Annual report of the RBI 2015 Payment System Indicators - FY2015 Item Volume (million) Value ( billion) PKI enabled Payment Systems 1. RTGS ,54, CBLO 0.2 1,67, Government Securities Clearing 0.7 1,79, Forex Clearing 1.8 3,25, CTS , NEFT , Immediate Payment Service (IMPS) National Automated Clearing House (NACH) ,221 Total A (1 to 8) 2, ,54,865 Non PKI enabled Payment Systems 9. MICR Clearing , Non-MICR Clearing , ECS DR 226 1, ECS CR , Credit Cards , Debit Cards , Prepaid Payment Instruments (PPIs) Total B (9 to 15) 2, ,753 Grand Total (A+B) 4, ,80,617 INDICATORS Payment systems posted growth of 27% in volume than last year No. of PKI enabled transactions increased from previous year PKI based transactions constitute 51% by volume and 98% by value Paper based transactions consist only 25% by volume and 5% by value Debit cards growing over last 3 years in terms of transactions and value also
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11 SECURITY ARRANGEMENTS RBI has been taking proactive measures to contain the incidence of frauds in payment systems. Such measures include: Two-factor authentication in Card-Not-Present transactions Additional authentication for Card-Present transactions including PIN/Biometric PKI enabled login authentication and transaction authorisation in NEFT/RTGS Phone Banking uses host based encryption Internet Banking uses following modes for strong authentication: Software/Hardware based One time passwords Grid based and Knowledge based authentication Risk based authentication PKI based authentication for login and/or transaction Mobile banking uses MPIN and authentication of device
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16 As part of the Digital India Vision by the Govt of India, initiatives to achieve paperless banking are in progress esign : UID enabled legally valid cloud based digital signature services Conventional process (B2C and C2B) are getting fully automated securely Use cases include account opening, loan/mortgage origination, handling service requests etc Acceptance of ekyc by various regulators To reach the unbanked population RBI has given licenses for Payment Banks focussed on alternate channels only THE FUTURE Mumbai: In a step towards greater customer service through technology, Axis Bank Ltd has introduced e-signature services through which individuals having Aadhaar numbers will be able to digitally sign documents to submit to the bank online, the lender said in a statement on Friday. Axis Bank, India s third-largest private sector lender, has partnered with digital security company emudhra for the esign service. The service rides on Aadhaar authentication and generates the digital signature automatically. The generated signature is legally valid and secure, said the bank. While filling an application form for any product of the bank, a customer can request for fixing a digital signature. An instant authentication through the customer s Aadhaar number generates a valid esign, after which the customer can proceed to submit documents online. Both existing customers and new customers can avail the service. Sat, Dec AM IST
17 We want to have one mission and target : Take the nation forward Digitally and Economically Mr. Narendra Modi, Hon. Prime Minister, India
18 About emudhra 8 Years of excellence in Digital Security, Authentication and Analytics 3mn Digital signature issuance in India Licensed Certification Authority in India and Mauritius 7 Patents and several awards 20 large Banks in India including both the largest Public Sector and Private Sector Banks use emudhra s solutions Offices across PAN India with International presence in Middle East Asia and Africa 3 Tier Data Centre with Disaster Recovery Centre in India ISO : 2005 Certified Company 50 More than 50 customers including Large Banks and Government Agencies 900mn National ID holders of India can electronically sign using our solution Gartner recognized for Text Analytics Asia PKI Innovation Winner and e- Asia Award Winner for Bridging Digital Divide
19 THANK YOU Biju Varghese Senior Vice President & Head Enterprise Security Services emudhra Ltd. Bangalore, India
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