RBI Notification for Storage of Actual Card Data

Actual Card Data

The Reserve Bank of India (RBI) issued a notification regarding the Restriction on Storage of Actual Card Data which is also referred to as Card-on-File (CoF), on 28th July 2022. In accordance with the previously issued notifications by the RBI, this particular notification specifies that for card transactions or payment chains, no entity apart from card issuers or card networks is permitted to store CoF Data to be deemed effective from 1st October 2022.

In accordance with the issues involved upon detailed discussions with all
stakeholders, along with considering the fact that a lot of time has elapsed
since the issuance of the requirements notified, it is notified the RBI that –

  • The effective date of implementation of requirements for all entities, excluding card issuers and card networks, is not to be altered, and the CoF Data is mandated to be purged prior to 1st October 2022.
  • For the purpose of relaxing the transaction process to an alternate system in regard to transactions where the Chard Holders enter the details of the card manually when undertaking a transaction which is also commonly referred to as Guest checkout Transactions, the provided criteria are permitted as an interim measure –

Benefits Of eBook

Immersive E-BooksImmersive E-Books

Reading and learning have become a more immersive experience in the era of visually enriched digital e-books.

Portable LibraryPortable Library

Carry an entire library of amazing topics in one device, making reading on-the-go easy as well as hassle-free!

Trend InsightTrend Insight

Up-to-date, relevant content material that makes you familiar with the ongoing trend in the world of law, tax, and startups.