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