The Reserve Bank of India (RBI) has extended the deadline to comply with new card storage rules by another six months to June 2022, following requests from industry bodies and other stakeholders.
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“In light of various representations received in this regard, we advise…the timeline for storing of a card on file (CoF) data is extended by six months till June 30, 2022; post this, such data shall be purged,” it said.
In March 2020, RBI had issued guidelines for the regulation of payment aggregators and payment gateways, prohibiting payment aggregators and merchants from storing customer card credentials within their database or server from 30 June 2021. Later in March this year, the regulator extended the deadline by six months to 31 December.
