The Reserve Bank of India is going to impose some new rules on the account holders which are going to change the overall way in which they handle their online payments.
Information given by the Reserve Bank of India
The RBI has given the information that they have discussed a new set of rules to impose on the account holders which is going to stop the payment gateways and Online Merchants from storing their card details which means that now the individual should have to remember the card number or carry the card along with them whenever they will purchase a product online.
The new rules were to be scheduled from July 2021 but for some reason it has been delayed and it will come into effect from January 2022.
This decision is now going to create some difficulties for the account holders as now the process has become longer to pay the bill online as now instead of entering their CVV number only the account holders will have to enter their entire card details whenever they will buy a product online.
Read all the Latest News, Breaking News and Coronavirus News here.
