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 PFRDA Sets Up Panel for NPS Assured Payouts Framework
- 2 Government Notifies Coking Coal as Critical & Strategic Mineral
- 3 Steel Slag: Transforming Industrial Waste into a Strategic Resource
- 4 India Energy Week 2026
- 5 Strategic Roadmap for a Globally Integrated Food Processing Sector
- 6 RBI’s Revised Guidelines on Priority Sector Lending
- 7 Reserve Bank - Integrated Ombudsman Scheme, 2026
- 8 Tax Residency Certificate (TRC)
- 9 'Tex-RAMPS' Scheme
- 10 A Decade of Startup India: Scaling Innovation; Shaping India’s Growth Story
