India - Restriction On Storage Of Actual Card Data [i.e. Card-On-File (CoF)].

August 5, 2022 by Balaram Adhikari

The Reserve Bank of India (RBI) vide notification No. RBI/2022-23/95 CO.DPSS.POLC.No.S-760/02-14-003/2022-23 issued the “Restriction on Storage of Actual Card Data [i.e. Card-on-file (COF)]”In reference to the circulars listed in the aforementioned notification and in terms of the circulars, with effect from October 1, 2022, no entity in the card transaction / payment chain, other than the card issuers and / or card networks, shall store CoF data, and any such data stored previously shall be purged.On a review of the issues involved and after detailed discussions RBI laid down certain points of advise in the notification. Appropriate penal action, including imposition of business restrictions, shall be considered by the RBI in case of any non-compliance.

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Vineet heads Clasis Law and shares his time between the Delhi and Mumbai offices. He has extensive experience working with both Indian and foreign companies, as well as with government authorities.

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