Login With Google
Payments data must be saved locally: RBI
Why is it in the news?
- 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:
- Data processed abroad would have to be brought back to the country within 24 hours.
- The entire payment data shall be stored in systems located only in India.
- Data stored in India should include end-to-end transaction details and info about payment transactions.
- The data can be shared with the overseas regulator, if required, depending upon the nature/origin of transaction with prior approval of the RBI.
- The data could be pertaining to customer data like name, mobile number, Aadhaar number, PAN.
Source
The Hindu.