India, Feb. 26 -- The Reserve Bank of India (RBI) has reportedly rejected the request of top merchants - Amazon, Microsoft, Netflix, Flipkart and Zomato - to store customers credit card details as the move would put customers at the risk of cybersecurity breaches.

The central bank has forbidden the merchants to store credit card credentials "and related data" on their servers under the new payment aggregators and payment gateway (PA-PG) norms that come into effect from 2021. The guidelines also bar payment aggregators from storing customer card credentials within their database or the servers assessed by the merchants. The new guidelines will treat all payment aggregators as regulated entities under the Payment and Settlement Systems Act...