Question: The Reserve Bank of India (RBI) has recently extended the tokenisation rules till which of the following date?
(a) 31 March, 2022
(b) 30 April, 2022
(c) 31 May, 2022
(d) 30 June, 2022
Answer: (d)
Related Facts:
- Amid repeated requests from industry stakeholders, the Reserve Bank of India (RBI) extended the deadline for cards tokenisation till June 30, 2022.
- Tokenisation means replacement of credit and debit cards details with an alternate code called a “token”.
- Tokenised cards are considered safe for online transactions, as the card details are not shared with the merchant during transaction processing.
- The earlier deadline set by the RBI was to expire on December 31, 2021.
- The main reason behind stakeholders seeking an extension of the tokenisation deadline was that many small and medium-sized merchants don’t yet have the infrastructure to shift to the new system, though banks are more or less prepared for it.
BY: AMIT GUPTA