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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 allstakeholders, along with considering the fact that a lot of time has elapsedsince the issuance of the requirements notified, it is notified the RBI that –
RBI Notification for Storage of Actual Card Data
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