In a move that will likely irk all international payment firms operating in India, Paytm wants the central government to push for storage of payment system data within the country and not allow mirroring of the data overseas, reports the Economic Times citing a top executive of the company. “On the data storage bit, obviously we believe that it should be stored locally,” said Kiran Vasireddy, the chief operating officer at Paytm to ET. “The moment data leaves the country, it falls under various jurisdictions, which in many cases, are beyond our control. It is important to keep all the data here so that the laws of the land can be made applicable to them.” Vasireddy cited an instance of Google rejecting 55% of the government’s requests for data as a strong point of proof for the government to push for storage of data locally, the report added. RBI norms - a concern for foreign firms The Reserve Bank Of India, 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. “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 RBI said in a report during its Monetary Policy meeting in April. The move would have come into effect from October…
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