RBI issues restriction on storage of actual card data

On December 23, 2021, the Reserve Bank of India (RBI) has issued a notification on Restriction on storage of actual card data [i.e. Card-on-File (CoF)]


Key points:

  • Timeline for storing of CoF data is extended by six months, which is now till June 30, 2022;
  • In addition to tokenisation, industry stakeholders may devise alternate mechanism to handle any use case (including recurring e-mandates, EMI option, etc.) or post-transaction activity (including chargeback handling, dispute resolution, reward / loyalty programme, etc.) that currently involves / requires storage of CoF data by entities other than card issuers and card networks.

Join the discussion

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.