Notification on restriction on storage of actual card data (dated -23.12.2021) – RBI.
View PdfNotification on restriction on storage of actual card data (dated -23.12.2021) – RBI.
- In light of various representations received in this regard, we advise as under:
- the timeline for storing of CoF data is extended by six months, i.e., till June 30, 2022; post this, such data shall be purged; and
- 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 / requires storage of CoF data by entities other than card issuers and card networks.
- This directive is issued under Section 10 (2) read with Section 18 of Payment and Settlement Systems Act, 2007 (Act 51 of 2007), refer attachment for further details
