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RBI extends deadline for card Tokenisation by another 3 months

Published on June 26, 2022
Current Context: RBIs extending the deadline for card-on-file (CoF) tokenisation by another three months to September 30.
RBI extends deadline for card Tokenisation by another 3 months
  • The initial deadline was January 1, which was extended by six months.
  • It was mandated that no entity in the card transaction or payment chain, other than the card issuers or card networks, can store the CoF data.
  • CoF mainly deals with card information stored by payment gateway and merchants to process future transactions.
  • This decision has been taken since there have been instances where such card numbers, expiry dates stored by merchants, etc., have been compromised.
  • RBI also encourages cardholders to tokenise their cards for their own safety.
  • RBI has also given chance to the industry to use the extended time to facilitate stakeholders to be ready for handling tokenised transactions.

Question:

Q.1 As per RBI's recent circular, the deadline for the tokenisation of cards has been extended to which of the following date?
a. 31st August
b. 31st July
c. 30th September
d. 31st December
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