RBI data storage guidelines: Here's why customers may have to memorise 16-digit card number, CVV

As per the Reserve Bank of India’s (RBI) new guidelines of the data storage policy, customers need to remember their 16-digit card number and other details for all online transactions. Here’s all you need to know.

The Reserve Bank of India is all set to roll out its revised set of guidelines on the data storage policy. Once the new rule comes into effect from January 2022, credit and debit cardholders may have to enter their 16-digit card number every time they shop online as opposed to entering the card verification value (CVV) and the one-time password (OTP). The development comes as the RBI refused to accept the proposal made by the payment gateway companies as per the new regulations. The central bank has refused to change its decision to disallow e-commerce giants and merchants such as Amazon, Netflix and Flipkart from storing customer card details in their databases. These payment aggregators play a key role in transactions as they link the customer and the merchant.