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.
