The mode of payment with which you make the card will change from January 1, 2022. A tokenization system will work for this. The Reserve Bank of India has set rules in this regard.
If payment is not made for 90 days, it becomes NPA.
What new rules will be applicable from January 1 – Under the new rules of RBI, from January 1, 2022, in card transactions / payments, no physical card data storage other than the card issuer bank or card network will be done. In this, any such data already stored will be filtered. However, for transaction tracking or reconciliation purposes, entities may store limited data. Stores up to the last four digits of the original card number and name of the card issuer will be exempt.
The card network will be responsible for following the rules. The rule will also be applicable on payments made through CoFT mobiles, laptops, desktop smart watches etc. Tokenization facility will be offered only for cards issued by the token service provider. The ability to tokenize and de-tokenize the card data will be with the same token service provider. Tokenization of card data will be done with the consent of the customer. AFA will also be used for tokenization.
A new charge will have to be paid from January 1, 2022, for withdrawing money from banks’ ATMs more than the fixed free limit. The Reserve Bank of India (RBI) has allowed banks to increase fees for withdrawing cash or doing other transactions more than the fixed free monthly limit through ATMs from next year. Under this, if bank customers transact more than the fixed limit of free withdrawal or other facilities, then they will have to pay Rs 21 on every transaction which is Rs 20 at present.