RBI expands the Scope of COFT
On 20th December, 2023, in order to make digital payments more secure, safe and sound the Reserve Bank of India (RBI) enabled card-on-file tokenization (CoFT) through card issuing banks and institutions.
- It is aimed to enhance convenience for cardholders to get tokens created and linked to their existing accounts with various e-commerce applications.
CoFT through Card Issuers – Requirements
- Generation of CoF Tokens for a card, through the card issuer, can be enabled through mobile banking and internet banking channels.
- CoFT generation shall be done only on explicit customer consent, and with AFA validation. If the cardholder selects multiple merchants for which ....
Do You Want to Read More?
Subscribe Now
Take Annual Subscription and get the following Advantage
The annual members of the Civil Services Chronicle can read the monthly content of the magazine as well as the Chronicle magazine archives.
Readers can study all the material before the last six months of the Civil Services Chronicle monthly issue in the form of Chronicle magazine archives.
Related Content
- 1 Scheme for Strengthening Medical Device Industry
- 2 Regulatory Framework for Restricted Return InvITs
- 3 World’s First Co2 to Methanol Plant
- 4 Peak Oil
- 5 India’s Renewable Energy Sector Achieves Significant Growth
- 6 4th Phase of Consolidation of RRBs
- 7 RBI’s Framework for Reclassification of FPI to FDI
- 8 RBI’s 2024 List of Domestic Systemically Important Banks
- 9 Windfall Gain Tax
- 10 National Mission on Natural Farming
- 1 Electronic Soil
- 2 RBI Issues Norms on Dividend Declaration by Banks
- 3 SEBI Proposes T+0 and Instant Settlement Cycle
- 4 SEBI amends Rules for Zero Coupon Zero Principle Instruments
- 5 RBI’s Clarifications on Green Deposits
- 6 Payments Infrastructure Development Fund Scheme
- 7 Surrender Value in Insurance
- 8 Securities Appellate Tribunal
- 9 Centre Extends PLI Scheme for Auto Sector
- 10 Interest Equalisation Scheme on Pre- and Post-Shipment Rupee Export Credit
- 11 Centre Promoting India as a global MICE Destination
