Banks, online merchants race to comply with RBI card data storage norms

New rules for banks, merchants & stakeholders kick in from January 1

With less than a fortnight to go before the new card data storage norms of the Reserve Bank of India (RBI) kick in on January 1, banks, merchants, and other stakeholders are racing against time to comply with the central bank’s diktat to ensure a smooth transition to the new regime.

Players in the ecosystem would have liked more time for this, but given the strong stance the RBI has taken, they are working towards meeting the deadline, experts said.

According to the norms, merchants, payment aggregators, and acquiring banks can no longer store the card details of customers. Under the new