RBI Extends The Deadline For Token Arrangement System Till September 30

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RBI Extends The Deadline For Token Arrangement System Till September 30

RBI Token Arrangement System: The Reserve Bank of India (RBI) has extended the deadline for the ‘Card-on-File’ token arrangement to September 30, 2022. This deadline was earlier June 30, 2022. That is, earlier the token system was going to be implemented in the whole country from July 1, but now it has been extended. The central bank has taken this decision in view of the reports received from industry bodies.

Earlier payment system was used
Let us tell you that earlier the details of the card being used for payment were kept safe with the payment system and establishment so that this details could be used at the time of future transactions, but this would prevent the details of the card users going into unsecured hands. There was apprehension.

Token system will be implemented soon
The central bank has taken this decision only to prevent such fraud and fraud and to protect this data from falling into unprotected hands. To curb this, RBI has asked to implement the card-on-file (COF) token system.

Central bank issued notification
The central bank said in a notification that the industry has pointed out some problems with the implementation of the system. “These issues are being dealt with in consultation with the stakeholders and to avoid disruption and inconvenience to the cardholders, the deadline for token arrangement has been extended from June 30 to September 30,” RBI said.

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