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Cybercrime-Alphabet: Onlinebetrug von A bis Z
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RBI gives companies six months more to stop storing your card details
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Last Updated: Mar 31, 2021, 11:01 PM IST
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Synopsis
Recurring online payments: RBI extends deadline for six months, notes non-compliance with serious concern
Mumbai: The Reserve Bank of India has postponed the implementation of new rules for payment gateways and online merchants that would prohibit them from storing customers’ card details. Most banks are not ready to implement the new rules, which were set to kick in from July 2021. They will now come into force in January 2022.
The central bank said it extended the deadline to allow banks and other stakeholders to make alternate arrangements such as tokenisation to minimise inconvenience to customers.
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