RBI unlikely to extend 30 September deadline for credit, debit cards
2 years, 2 months ago

RBI unlikely to extend 30 September deadline for credit, debit cards

Live Mint  

India's central bank is unlikely to extend a Friday deadline for businesses to set up an additional layer of security for consumers' credit card data even after some concerns remain over payments failing and revenue losses, say bankers and merchants. Three years ago, India embarked on a mammoth exercise to secure card data by requiring businesses to tokenise cards by Sept. 30. The RBI first introduced the norms in 2019 and after several extensions has ordered all companies in India to purge saved credit and debit card data from their systems by Oct. 1, 2022. While banks, card companies and large retailers are prepared, smaller merchants may face trouble which they say could lead to revenue losses for them in the short-term.

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History of this topic

Cyber Scams In FY24: Rs 177 Cr Lost Due To ATM/Credit Card, Internet Banking Frauds In India
4 months, 2 weeks ago

Cyber Scams In FY24: Rs 177 Cr Lost Due To ATM/Credit Card, Internet Banking Frauds In India

News 18  

There has been a significant increase in banking frauds in India. A customer need not bear any loss if the deficiency is on the part of the bank and in cases, where the fault lies neither with the bank nor with the customer but lies elsewhere in the system and the customer notifies the bank within three working days of …

Tech Tonic | The gaps in India’s digital payments ecosystem need plugging
7 months, 4 weeks ago

Tech Tonic | The gaps in India’s digital payments ecosystem need plugging

Hindustan Times  

There is little doubt that Indians are spending more than ever before. You cannot use your credit card or debit card for subscriptions and recurring payments on the Apple App Store or the Google Play Store, be it for any app or service. Then there was a pursuit of getting RuPay credit cards aboard the UPI or unified payments interface. …

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 unveils new card-on-file tokenisation for debit and credit cards users. Details here
1 year, 2 months ago

RBI unveils new card-on-file tokenisation for debit and credit cards users. Details here

Live Mint  

The RBI governor, Shaktikanta Das, has recently put forward a proposal to implement card-on-file tokenisation functionality at the issuer-bank level in India, reported TOI. While card tokenisation represented a significant reform aimed at bolstering the security of online transactions, the Reserve Bank of India has now introduced an additional layer of protection. As previously mentioned, the RBI has introduced fresh …

Credit card default rises to Rs 4,072 crore in FY23
1 year, 4 months ago

Credit card default rises to Rs 4,072 crore in FY23

India TV News  

Credit card default rose to Rs 4,072 crore or 1.94 per cent at the end of March 2023, Parliament was informed on Tuesday. "As per the inputs received from RBI, in respect of defaults in credit cards, the gross non-performing assets in credit cards was Rs 3,122 crore in March-2022 and Rs 4,072 crore in March-2023, while credit card outstanding …

Demat account login to credit/debit card new rules from Oct: 5 things to know
2 years, 2 months ago

Demat account login to credit/debit card new rules from Oct: 5 things to know

Live Mint  

Developments relating to our personal finances occur on a regular basis from month to month and must be followed. The above guidelines shall be implemented latest by September 30, 2022.” Master Direction provisions for credit and debit card On June 21, 2022 RBI extended the timeline for implementation of certain provisions of Master Direction – Credit Card and Debit Card …

Debit Card, Credit Card Rules: Card No., CVV Must for Each Payment if This is Not Done by Sept 30
2 years, 3 months ago

Debit Card, Credit Card Rules: Card No., CVV Must for Each Payment if This is Not Done by Sept 30

News 18  

Debit Card, Credit Card Tokenisation Rules: The last date for credit card and debit card tokenisation is approaching soon, and the Reserve Bank of India has been notifying users to complete the process before the deadline. The new date for debit card and credit card tokenisation is September 30. Once credit card and debit card tokenisation is done, payment aggregators, …

RBI Extends Deadline for Complying with Card Tokenisation Norms by 3 Months: What It Means
2 years, 5 months ago

RBI Extends Deadline for Complying with Card Tokenisation Norms by 3 Months: What It Means

News 18  

Mumbai, Jun 24: The Reserve Bank of India on Friday extended the card-on-file tokenisation deadline by three months to September 30, 2022, in view of various representations received from industry bodies. Tokenisation is the process of replacing actual card details with a unique alternate code called 'Token' – thereby enabling more secure transactions. As per the RBI mandate to enhance …

RBI extends deadline for card tokenisation till 30 Sept
2 years, 5 months ago

RBI extends deadline for card tokenisation till 30 Sept

Live Mint  

The Reserve Bank of India on Friday extended the timeline for tokenisation of debit and credit cards by another three months till September 30, 2022. In a statement, RBI said this extended time period may be utilised by the industry for, facilitating all stakeholders to be ready for handling tokenised transactions; processing transactions based on tokens; implementing an alternate mechanism …

Credit Card: RBI Extends Deadline to Implement New Rules to October 1; Know the Changes
2 years, 6 months ago

Credit Card: RBI Extends Deadline to Implement New Rules to October 1; Know the Changes

News 18  

The Reserve Bank of India on Tuesday extended the timeline to implement various provisions related to credit card issuance till October 1. Moreover, the terms and conditions for payment of credit card dues, including the minimum amount due, shall be stipulated, the Reserve Bank of India said. Credit Card Rules to Change from July 1 Earlier in April, the Reserve …

Debit Card, Credit Card Online Payment Rule Changes from Next Month: Know Details
2 years, 6 months ago

Debit Card, Credit Card Online Payment Rule Changes from Next Month: Know Details

News 18  

Debit, Credit Card Tokenisation: From next month, every Indian who does online transactions using a debit or credit card will have to remember their card details every time they make a payment as these rules are going to change from July 1. From this date, the Reserve Bank of India, or RBI, which is in charge of setting banking rules …

Relief for Mastercard as RBI Lifts Restrictions, No Change for American Express and Diners Club
2 years, 6 months ago

Relief for Mastercard as RBI Lifts Restrictions, No Change for American Express and Diners Club

News 18  

The Reserve Bank of India removed a ban on Mastercard on Thursday, allowing the card network to on-board new clients for debit, credit, or prepaid cards, citing the company’s compliance with payment data storage regulations. It should be noted that RBI stopped Mastercard, American Express, and Diners Club from issuing new debit, credit, or prepaid cards to clients indefinitely last …

Debit, Credit Card Rule Changes Next Month: Enter Card Number for Every Online Payment or Do This
2 years, 6 months ago

Debit, Credit Card Rule Changes Next Month: Enter Card Number for Every Online Payment or Do This

News 18  

Debit, Credit Card Tokenisation: The Reserve Bank of India or the RBI, being thhe central bank of the country, is in charge of protecting the security of all citizens in India who carry out bank transactions. With an aim to protect the security of customers, the RBI last year issued debit card and credit card tokenisation guidelines whereby merchants were …

Key takeaways from RBI circular on credit cards
2 years, 7 months ago

Key takeaways from RBI circular on credit cards

Live Mint  

The Reserve Bank of India has released directions on issuing credit and debit cards, aiming to empower card users and check misconduct of issuers. Non-bank lenders must seek RBI nod before issuing credit cards, and follow strict regulations on sharing data even with their co-branding partners. The regulations empower credit card customers, mandate lenders to take consent of customers on …

RBI new rules on issue of credit cards, debit cards: All you need to know
2 years, 8 months ago

RBI new rules on issue of credit cards, debit cards: All you need to know

Hindustan Times  

The Reserve Bank of India on Thursday announced new rules for the issue of credit cards and debit cards, as well as directions to issuing agencies. these Directions relating to debit cards shall apply to every bank operating in India." Consent for the issue of cards must be explicit; written consent is needed before a credit card can be issued. …

Explained | What is tokenisation of debit and credit cards?
2 years, 11 months ago

Explained | What is tokenisation of debit and credit cards?

The Hindu  

The story so far: The Reserve Bank of India on December 23 extended the deadline given to online merchants and financial payments companies for the tokenisation of card data used for online transactions. It wanted to put an end to the practice of online merchants storing the card details of customers, which the Central bank believed could lead to misuse …

New Online Card Payment Rules Delayed To July 2022: Details
2 years, 11 months ago

New Online Card Payment Rules Delayed To July 2022: Details

News 18  

Apps and websites like Amazon, Flipkart, Zomato, and more will not be able to save your card information on their platforms, according to new guidelines from the Reserve Bank of India. In a press release, RBI said that tokenisation of card data shall be done with explicit customer consent requiring additional authentication. Tokenisation helps apps to replace card details with …

RBI defers tokenisation deadline by six months
3 years ago

RBI defers tokenisation deadline by six months

The Hindu  

The Reserve Bank of India has decided to defer the implementation of tokenisation of debit and credit cards for online transactions by a further six months following representations from stakeholders. “The timeline for storing of CoF data is extended by six months till June 30, 2022; post this, such data shall be purged,” the central bank said on Thursday. “In …

RBI's push for card security to hit merchants, lenders
3 years ago

RBI's push for card security to hit merchants, lenders

The Hindu  

The Reserve Bank of India's plans to move towards card tokenisation is likely to hit a wide range of companies from major e-commerce firms and food delivery firms to lenders, while increasing the use of cash, said industry sources and bankers. "Introducing an additional step in payments adds friction and several studies show that customers may end up dropping out …

Merchants rush to meet RBI’s card payment rules
3 years, 1 month ago

Merchants rush to meet RBI’s card payment rules

Live Mint  

Payment companies in India have started offering solutions to help merchants speed up tokenization of card payments, in line with the central bank’s mandate, but they fear merchants may not be able to meet the deadline, causing disruption of services similar to the one seen in October when rules on recurring payments were enforced. Following the notification, Razorpay, PayU, PhonePe, …

Credit card, debit card payment: New rule on auto-debit transactions from next month
3 years, 3 months ago

Credit card, debit card payment: New rule on auto-debit transactions from next month

Live Mint  

Starting from next month, the auto-payment rules are likely to be changed. The Reserve Bank of India earlier stated that recurring transactions using debit cards, credit cards, Unified Payments Interface or other prepaid payment instruments will need additional factor authentication. “As per RBI guidelines on ‘Processing of e-mandate on cards for recurring transactions’, effective 1st October 2021, existing/new Standing Instructions …

RBI wants you to memorise all your debit, credit card numbers, expiry and CVV | Here's why
3 years, 4 months ago

RBI wants you to memorise all your debit, credit card numbers, expiry and CVV | Here's why

India TV News  

Memorising 16-digits debit cards or credit cards numbers is a difficult task. All this to prevent online merchants, e-commerce websites, and payment aggregators to store the card details of a customer online or on their servers or databases. The revised regulations prevent payment aggregators, e-commerce websites and online merchants like Amazon to Flipkart to Google Pay to PayTM to Netflix …

Explained | Why has the RBI barred Mastercard from issuing new cards in India?
3 years, 5 months ago

Explained | Why has the RBI barred Mastercard from issuing new cards in India?

The Hindu  

The story so far: The Reserve Bank of India on Wednesday banned Mastercard from issuing new debit and credit cards to customers in India with effect from July 22. In 2018, the Indian central bank had issued a circular ordering card companies such as Visa, Mastercard, and American Express to store all Indian customer data locally so that the regulator …

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 …

Debit Card, Credit Card Rule: Can't Use New Card for Online Transactions? Know How to Activate it
3 years, 7 months ago

Debit Card, Credit Card Rule: Can't Use New Card for Online Transactions? Know How to Activate it

News 18  

Amid rising cases of banking frauds in the country, the Reserve Bank of India has introduced several measures for secure debit and credit card transactions. For online transactions: To enable any other facilities including online transactions, international transactions and contactless transactions in the debit and credit cards, customers need to approach the bank. How to activate online transactions in your …

RBI defers rules on auto debit transactions till Oct
3 years, 8 months ago

RBI defers rules on auto debit transactions till Oct

Live Mint  

The Reserve Bank of India on Wednesday deferred new rules on automatic debit by six months, in a relief to banks, customers and the digital payments ecosystem unprepared for the 31 March deadline. A central bank notification said the industry has not fully implemented the new framework it announced in August 2019, and that “non-compliance will be dealt with seriously”. …

RBI extends timeline for processing of recurring online transactions till Sept 30
3 years, 8 months ago

RBI extends timeline for processing of recurring online transactions till Sept 30

India TV News  

The Reserve Bank of India on Wednesday extended the timeline for the processing of recurring online transactions till September 30, 2021. RBI had directed all banks including RRBs, NBFCs, and payment gateways to comply with AFA for automatic recurring payment by March 31, 2021, in order to make digital transaction safe and protect customers from fraudulent transactions. To prevent any …

RBI Extends Deadline for New Guidelines on Auto-Payment of Bills, Subscriptions to Sep 30
3 years, 8 months ago

RBI Extends Deadline for New Guidelines on Auto-Payment of Bills, Subscriptions to Sep 30

News 18  

The Reserve Bank of India had recently announced that automatic payment of things like bills and subscriptions will not be allowed starting April 1, directing all banks including RRBs, NBFCs, and payment gateways that the processing of recurring transactions using cards or Prepaid Payment Instruments or Unified Payments Interface under arrangements/practices not compliant with AFA would not be continued beyond …

Online automatic transactions will not fail from April 1, RBI extends deadline by 6 months
3 years, 8 months ago

Online automatic transactions will not fail from April 1, RBI extends deadline by 6 months

India Today  

The Reserve Bank of India has now extended the timeline for implementation of new guidelines for automatic payment system by six months. Previous reports had noted that the RBI had refused to grant an extension to banks following which banks started notifying customers about failure in automatic recurring payments from April 1. For transactions above Rs 5000, banks will also …

Debit Card, Credit Card new rules come into force from October 1. All you need to know
4 years, 2 months ago

Debit Card, Credit Card new rules come into force from October 1. All you need to know

India TV News  

In an attempt to make online and card payments more secure, the Reserve Bank of India has issued new guidelines that will be effective from October 1, 2020. RBI's new guidelines for Credit, Debit card holders: As per new rules, people will now be able to register for preferences such as opt-in or opt-out services, spend limits and other services …

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