innovationinbanking

  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...

          Reserve Bank of India vide its Letter No:-RBI/2016-17/36 DBR.No.BP.BC.4/21.03.009/2016-17 dt.August 11, 2016 advised All Commercial Banks and All India Financial Institutions (Exim Bank, NABARD, NHB and SIDBI), to identify specialised areas for certification of the staff manning key responsibilities. As a pointer, Reserve Bank of India has made the beginning and advised Banks to make acquiring of a certificate course mandatory for the following areas: Treasury operations – Dealers, mid-office operations Risk management – credit risk, market risk, operational risk, enterprise-wide risk, information security, liquidity risk Accounting – Preparation of financial results, audit function Credit management – credit appraisal, rating, monitoring, credit administration At the same time, Banks are free to require certification for other ar eas of work also. The employees working in the aforementioned areas shoul...