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.
Category: Account Aggregator
The Reserve Bank of India’s (RBI) Account Aggregator (AA) Framework went live on 2nd September 2021 with eight major banks joining the network which includes State Bank of India (SBI), ICICI Bank, Axis Bank, IDFC First Bank, Kotak Mahindra Bank, HDFC Bank, IndusInd Bank, and Federal Bank. Earlier, Reserve Bank of India (RBI) had already granted licenses to four entities to work as Account Aggregators which included CAMS FinServ, Cookiejar Technologies (Product named Finvu), FinSec AA Solutions Private (OneMoney) and National E-Governance Services Asset Data. Three more have received in-principle approval (PhonePe, Perfios, Yodlee), and some more are in different stages of application.
On September 2, 2021 the Reserve Bank of India’s (RBI) Account Aggregator (AA) Framework went live. Eight of India’s major banks — State Bank of India, ICICI Bank, Axis Bank, IDFC First Bank, Kotak Mahindra Bank, HDFC Bank, IndusInd Bank and Federal Bank — joined the Account Aggregator (AA) network that will enable customers to easily access and share their financial data. The framework, which has been under discussion since 2016 and in the testing phase for some time, will now be open to all customers.