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
To get access to detailed content
Already a Member? Login here
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 since 2018 of the Civil Services Chronicle monthly issue in the form of Chronicle magazine archives.
Economy Watch
- 1 Accredited Investors Only Fund
- 2 ‘Tex-RAMPS’ Scheme
- 3 Credit Guarantee Scheme for Exporters
- 4 National Industrial Classification (NIC) 2025
- 5 Inland Vessels (Special Category Vessels: LNG/CNG, Battery, Methanol & Hydrogen Fuel) Rules, 2025
- 6 SEBI Committee on Strengthening Ethical Governance and Conflict-of-Interest Framework
- 7 Capital Gains Accounts (Second Amendment) Scheme, 2025
- 8 RBI Guidelines on Digital Banking Channels
- 9 KOYLA SHAKTI Dashboard and CLAMP Portal
- 10 Scheme to Promote Manufacturing of Sintered Rare Earth Permanent Magnets
