Reserve Bank of India reject online merchants to customers credit card data

Reserve Bank of India has rejected the demand of online merchants to store the customers credit card data like Netflix, Amazon, Flipkart and Zomato on the customers bank security and personal data leaked.

Top companies merchants wants to store customers credit card data during any transections has done under the new payment aggregators and payment gateway (PA/PG) norms enforcecable from July 2021.

These level-1 merchants collectively transact with 250 million customers who carry out digital transactions including recurring transactions. The operators said like the Visa and Masters Card also support storage of customer data.

These companies is being investigated by the ministry of cooperate affairs from december 2019 through the Serious Fraud Investigation Office (SFIO). The enforcement directorate is also probing the company is connection with loans given by it to certain borrowers.

DHFL posted a consolidated net loss of Rs 13, 095.38 crore for the third quarter ended December 2020 against a net profile of Rs 934.31 crore in the year-ago quarter.

The CBI has also initiated investigation in connection with certain loans granted by the company.

Source ET times