Why is it in the news?
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The Reserve Bank of India (RBI) has clarified that payment system providers need to store entire payments data in a system only in India.
More in the news
Clarifications by RBI:
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Data processed abroad would have to be brought back to the country within 24 hours.
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The entire payment data shall be stored in systems located only in India.
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Data stored in India should include end-to-end transaction details and info about payment transactions.
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The data can be shared with the overseas regulator, if required, depending upon the nature/origin of transaction with prior approval of the RBI.
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The data could be pertaining to customer data like name, mobile number, Aadhaar number, PAN.
Source
The Hindu.