RBI Proposes to Introduce ‘Card-on-File Token’ Creation Facilities Directly at the Issuer Bank Level
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- By Chetan Kulasri
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- Last Updated on 7 October, 2023
Latest from Taxmann
Press Release: 2023-2024/1053, Dated: 06.10.2023
The RBI has released a statement setting out various developmental and regulatory policy measures relating to
(i) Regulation;
(ii) Payments System and
(iii) Consumer Protection.
Some of key highlights include
(a) a framework for income recognition, asset classification and provisioning pertaining to advances,
(b) Introduction of ‘Card on File token’ creation facilities directly at issuer bank-level,
(c) Extending Payments Infrastructure Development Fund Scheme by a further period of 2 years.
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