Mumbai, January 19, 2017 : There were concerns raised by a UPI member bank in the media recently over the security of the application and customer data confidentiality with regards to our partner Phonepe, offering UPI services.
YES BANK has not received any such query or information from NPCI.
YES BANK would like to confirm that:
- The PhonePe application has complied with all the prerequisites as mandated by the network association.
- The process laid out by NPCI involves detailed certification, vulnerability assessment, penetration testing, application security, 3rd party security audits and a host of other procedural guidelines, all of which have been complied with.
- In fact, all member banks who are offering the UPI services have undergone exactly the same process and were allowed to go live only after complying with the same process. This service has been live since August 2016.
YES BANK is a firm supporter of NPCI's UPI platform and believes that interoperability by all member banks will ensure that the full benefits of UPI can be availed by all the customers. This will further accelerate the journey to a "less-cash" economy.
About YES BANK
YES BANK, India’s fourth largest private sector bank is a high quality, customer centric and service driven Bank. Since inception in 2004, YES BANK has grown into a ‘Full Service Commercial Bank’ providing a complete range of products, services and technology driven digital offerings, catering to corporate, MSME & retail customers. YES BANK operates its Investment banking, Merchant banking & Brokerage businesses through YES SECURITIES and its Mutual Fund business through YES Asset Management (India) Limited, both wholly owned subsidiaries of the Bank. Headquartered in Mumbai, it has a pan-India presence across all 28 states and 9 Union Territories in India including an IBU at GIFT City, and a Representative Office in Abu Dhabi.
For more information, please visit the Bank’s website at http://www.yesbank.in/
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