RBI extends card tokenisation deadline by six months to June 30, 2022

Amid requests from industry stakeholders, Reserve Bank of India on Thurday extended card tokenisation deadline by six months to June 30, 2022.

The earlier deadline was December 31, 2021. Post June 30, 2022, merchants will not be able to store card information of users and will have to replace each card number with a randomised token number.

"The timeline for storing of CoF data is extended by six months, i.e., till June 30, 2022; post this, such data shall be purged," said RBI on Thursday.

"In addition to tokenisation, industry stakeholders may devise alternate mechanism(s) to handle any use case (including recurring e-mandates,