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RBI directs all payment companies to store data locally, gives them 6 months to comply

The Reserve Bank of India has mandated all payments system operators working in India to ensure that data related to payment systems operated by them is stored in the country. The operators will have a period of six months to comply with the RBI directive. The central bank will issue detailed instructions in a week. “It is observed that at present only certain payment system operators and their outsourcing partners store the payment system data either partly or completely in the country,” the RBI said in a report during Thursday’s policy review announcement. “In order to have unfettered access to all payment data for supervisory purposes, it has been decided that all payment system operators will ensure that data related to payment systems operated by them are stored only inside the country within a period of six months.” Everyone from…

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