Mastercard has called for the Reserve Bank of India (RBI) to relax its guidelines on storage of payment system data, which comes into effect from October 15, 2018, a report by the Economic Times said. In particular, Mastercard is hoping that payment companies are allowed to transfer or store user data outside India in a bid to help prevent international fraud. The Central bank, in April, 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. “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 April’s Monetary Policy meeting. “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,” the report added. It is important to note that the RBI has allowed data of international transactions to be stored outside the country if need be. While the directive is considered to be on par with data storage and oversight rules followed in other Asian countries like China, Japan, Malaysia, another report by ET said that it is a standard practice, globally, to have backup data centres in another location for disaster recovery and ensure business continuity in case of catastrophe. Relaxing norms will help contain…
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
News
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
Advert
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
News
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...
News
Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...