Diabytes
RBI tokenisation News
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Many rules are going to come into effect from October 1 that will have a direct impact on citizens. These rules are credit and debit card rule, Atal Pension scheme, RBI card tokenization, LPG connection etc. Have a look at the changes going to be effective from October 1 in this image gallery.
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RBI tokenisation rule will become mandatory after October 1.
Tokenisation means replacing actual card details with a 16-digits alternative code.
RBI has shared six steps to tokenise your credit and debit cards.
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You can either provide your complete 18-digit card number each time you pay online, or you can employ tokenisation.
From January 1, 2022, no firm in the card transaction or payment chain, other than card issuers and card networks, should keep the real card details.
Other banks and digital payment accounts, such as HSBC India, SBI Card, Paytm, Phonepe, and the National Payments Corporation of India, have been mandated by the RBI (NPCI).
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