MUMBAI The Reserve Bank Wednesday said all data related to payments must be stored only in India and data processed abroad will have to be brought back to the country within 24 hours.
“The entire payment data shall be stored in systems located only in India…,” the RBI said in its FAQs on certain implementation issues raised by the Payment System Operators (PSOs).
The RBI had issued a directive in April 2018 on ‘Storage of Payment System Data’. It had advised all system providers to ensure that within a period of six months, the entire data relating to payment systems operated by them is stored in a system only in India.
The FAQs further said there is no bar on processing of payment transactions outside India if so desired by the PSOs.
“However, the data shall be stored only in India after the processing. The complete end-to-end transaction details should be part of the data,” the RBI said.
In case the processing is done abroad, “the data should be deleted from the systems abroad and brought back to India not later than the one business day or 24 hours from payment processing, whichever is earlier”.
Last week, the issue of data localisation was raised by several e-commerce firms during their meetings with Commerce and Industry Minister Piyush Goyal.
Be Part of Quality Journalism
Quality journalism takes a lot of time, money and hard work to produce and despite all the hardships we still do it. Our reporters and editors are working overtime in Kashmir and beyond to cover what you care about, break big stories, and expose injustices that can change lives. Today more people are reading Kashmir Observer than ever, but only a handful are paying while advertising revenues are falling fast.