India's RBI extends deadline to overhaul online payment norms

Dec 24, 2021 AlShorts Web Desk

Reserve Bank of India (RBI) on Thursday extended the deadline to comply with new card storage rules by another six months to June 2022. In March 2020, RBI had issued guidelines for the regulation of payment aggregators and payment gateways, prohibiting payment aggregators and merchants to store customer card credentials within their database. The governing body has advised payment aggregators to resort to tokenisation.