Restriction on storage of actual card data- Card-on-File (CoF) – RBI extends the deadline to June 30, 2022
Restriction on storage of actual card data- Card-on-File (CoF) – RBI extends the deadline to June 30, 2022 Reserve Bank of India vide Circular No : - RBI/2021-2022/142 CO.DPSS.POLC.No.S-1211/02-14-003/2021-22 dt.December 23, 2021, addressed to - All Payment System Providers and Payment System Participants, informed that the timeline for storing of CoF data is extended by six months, i.e., till June 30, 2022; post this Post June 30, 2022. such data has to be purged; This time extension, was done basis the representation received from various stake holders. In the same circular, Reserve Bank of India has advised: in addition to tokenisation, industry stakeholders may devise alternate mechanism(s) 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 / re...