Banks want more time to meet card-on-file tokenisation norms

Tokenisation is the process of replacing the debit and credit card numbers with a set of characters or tokens

Some of the commercial banks are likely to miss the December 31 deadline set by the Reserve Bank of India (RBI) to comply with the card-on-file tokenisation norms that were announced in early September.

The banking regulator has instructed that only card-issuing banks and payment networks are allowed to store customer data from January 1, 2022, and all other entities in the payment chain will have to purge all previously stored data.

According to banking sources, most large banks and payment networks like Visa, Mastercard, and Rupay of the National Payment Corporation of India (NPCI) are ready to meet the deadline. Some