RBI Data Storage Guidelines: In today’s time when you buy any item online, then for the first time you have to fill your card details correctly. After that companies store the data and on next transaction we have to write only OTP.
But in such a situation, many times online fraud also happens with people. Due to which the Reserve Bank of India can change the rules very soon. If this happens, then you will have to provide all other necessary information including your card number every time. That is, every time you pay, you will have to give the information related to the card.
What does RBI have to say on this whole issue?
Reserve Bank of India may amend the data storage policy from January 2022. If this happens, then in the coming times, online shopping companies like Amazon, Flipkart will not be able to store the information related to your card with them. The Reserve Bank of India has made it clear that no matter how secure the data storage is, even then companies will not be able to store the information related to the card with them. Because of which now you will have to give your card number, CVV, OTP, card time limit and other information on every transaction.
The Reserve Bank of India’s effort behind this change is to curb digital fraud. Let us tell you, there was a plan to implement this policy very soon, but some banks were not in a position to implement it. Due to which it was postponed for 6 months.
What will be the option
Due to this change, people will definitely suffer a little in the coming time. Remembering the 16 digit card number will not be easy. But if you want to avoid card payments, then you have the option of UPI. With which you will be able to make payments easily.
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