Categories: Banking

Tokenisation RBI : Extends card tokenisation deadline till June 2022

Reserve Bank of India (RBI) has extended the card-on-file (CoF) tokenization deadline by 6 months i.e., to June 30, 2022. Earlier the deadline was fixed till December 31, 2021. In March 2020, RBI had issued guidelines for the regulation of payment aggregators and payment gateways, prohibiting payment aggregators and merchants to store customer card credentials within their database or server from 30 June 2021.

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In September 2021, RBI extended the scope of tokenization from device-based tokenization to CoF tokenization services and barred merchants from storing actual card data while online transactions. RBI has fixed the deadline for card tokenization to January 1, 2022.

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Sumit Arora

As a team lead and current affairs writer at Adda247, I am responsible for researching and producing engaging, informative content designed to assist candidates in preparing for national and state-level competitive government exams. I specialize in crafting insightful articles that keep aspirants updated on the latest trends and developments in current affairs. With a strong emphasis on educational excellence, my goal is to equip readers with the knowledge and confidence needed to excel in their exams. Through well-researched and thoughtfully written content, I strive to guide and support candidates on their journey to success.