BUSINESS

RBI plans trust hierarchy

BANGALORE, DEC. 22. The Reserve Bank of India plans to establish a trust hierarchy to issue digital certificates for its vertical community of banks to promote e-commerce transactions. This move follows the RBI's recommendation for penetration testing of network security or ethical hacking to be conducted by banks involved in Internet banking.

The RBI is now working on the modalities to moor the trust hierarchy, which would involve issuance of digital certificates validated by the RBI to its member banks. These certificates would in turn be issued to the banks' corporate customers involved in e-commerce transactions. The RBI has invited bids from software companies to provide Public Key Infrastructure (PKI) tools for enabling digital certification.

The Mumbai-based Global eSecure has already submitted proposals to provide the digital certification tools, Global eSecure Chief Operating Officer, Mr. Rajeev Wadhwa, told The Hindu.

``We have submitted our proposal to the RBI for providing PKI tools and implementing, which forms the basis of digital certification," Mr. Wadhwa said. Global eSecure has recently entered into a strategic tie-up with Entrust Technologies, specialising in PKI solutions and plans to leverage the network of 14 Entrust professionals for integration and supply of certification tools to its customers.