Cardholders’ data cannot be shared without their consent
9 months, 1 week ago

Cardholders’ data cannot be shared without their consent

New Indian Express  

BENGALURU: From now on, card issuers cannot share card data including transaction data of the cardholders with the outsourcing partners without explicit consent from the cardholder. The new rules stipulate that in case where the customers give explicit consent for sharing the information provided by them with other agencies, card issuers shall clearly state and explain to the customer the full meaning or implications of the disclosure clause. The RBI has also released FAQs in which it says that card issuers are prohibited from issuing unsolicited credit cards and are required to seek prior and explicit consent from the customer before issuing a card. If no consent is received for activating the card, the card-issuer is required to close the credit card account without any cost to the customer within seven working days from the date of seeking confirmation from the customer and shall also inform the customer that the credit card account has been closed, the central bank said.

Consent Customer Explicit Consent Card Issuers  customer  consent  explicit  shared  share  shall  credit  cardholders  card  issuers  data  unsolicited

History of this topic

RBI issues draft guidelines on payment aggregators | Check details
8 months, 1 week ago

RBI issues draft guidelines on payment aggregators | Check details

India TV News  

Aiming to boost the payment ecosystem, The Reserve Bank of India on Tuesday issued draft guidelines to further strengthen regulations on payment aggregators. "Given the growth in digital transactions and the significant role that PAs play in this space, the current directions on PAs are proposed to be updated and cover, inter alia, KYC and due diligence of merchants, operations …

RBI Asks Credit Card Issuers to Monitor End Use of Funds
9 months, 2 weeks ago

RBI Asks Credit Card Issuers to Monitor End Use of Funds

Deccan Chronicle  

stipulated for the facility concerned. “The card-issuers shall put in place an effective mechanism to monitor end use of funds.” The total amount due on a card would be the total amount payable by the cardholder as per the credit card statement generated at the end of a billing cycle. In the amended Master Direction on Credit Card and Debit …

SBI Cards ready in all networks for card tokenisation ahead of RBI’s deadline
2 years, 3 months ago

SBI Cards ready in all networks for card tokenisation ahead of RBI’s deadline

Live Mint  

Pure play credit card company, SBI Cards & Payment Services is ready in all networks to move towards card tokenisation. To tackle risks involving card storage data, RBI mandated entities other than card networks and card issuers to not store debit or credit card data with them. Mohan Rao Amara, MD & CEO, SBI Cards and Payment Services on Thursday …

RBI restricts Mastercard from acquiring new customers from July 22
3 years, 5 months ago

RBI restricts Mastercard from acquiring new customers from July 22

Hindustan Times  

The Reserve Bank of India on Wednesday barred Mastercard Asia Pacific from onboarding new debit, credit, or prepaid card customers from July 22, 2021, for failing to comply with its data storage norms. The central bank said that Mastercard failed to comply with the “directions on Storage of Payment System Data” even after being given “considerable time and adequate opportunities.” …

RBI Bars Mastercard from Acquiring New Customers in India from July 22
3 years, 5 months ago

RBI Bars Mastercard from Acquiring New Customers in India from July 22

News 18  

The Reserve Bank on Wednesday barred Mastercard Asia Pacific from onboarding new credit, debit and prepaid card customers with effect from July 22 as it failed to comply with data storage norms. Taking action against Mastercard, RBI said, "notwithstanding lapse of considerable time and adequate opportunities being given, the entity has been found to be non-compliant with the directions on …

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