RBI issues directive for cardholders, says no entity except card issuer, card networks can store transaction data from August 2025

The Reserve Bank of India (RBI) on Tuesday issued a significant directive, stating that from August 1, 2025, no entity involved in card transactions, except for the card issuer and card networks, will be permitted to store data.

This directive aims to enhance the security and privacy of cardholders' information during transactions.

This regulation will have implications for various stakeholders in the payment ecosystem, including banks, payment gateways, and merchants.

Compliance with this directive is crucial for all entities involved in card transactions to ensure adherence to regulatory guidelines and maintain the integrity of financial transactions.

www.economictimes.indiatimes.com dt. 17.04.2024