wordpress blog stats
Connect with us

Hi, what are you looking for?

Govt says foreign firms storing copies of data ‘locally’ a potential solution over RBI norms

Offering a ‘potential solution’ to the ongoing saga over the data localisation norms, India’s Economic Affairs Secretary S.C Garg has said that international payment firms operating in India could keep copies of user data in the country while retaining offshore storage operations, according to a report by Reuters. Garg, during a meeting with officials from the Reserve Bank of India and executives from the payment firms, conceded that the central will have the final say on the matter. However, he also pointed out that by keeping mirror images of the data in the country, all customer information would be available to the local authorities, as mandated by the RBI’s directive, the report said. This comes weeks after the publication reported that the country’s finance ministry has proposed to ease the central bank’s guidelines on storage of payment system data. 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. The move would have come into effect from October 15 this year, according to a report by the Economic Times. However, there is uncertainty over the implementation of the central bank’s directive as, the Data Protection Bill, 2018, a draft of which was submitted to the government last week, overrides all sectorial regulators and therefore all their directives. The bill requires all data fiduciaries to store a copy of users’ personal data in India and more worryingly, the bill also requires mandatory storage of ‘critical personal data’ within…

Please subscribe/login to read the full story.
Written By

Free Reads

News

Experts debate the efficacy of ex-ante regulation in India's fast-evolving digital market. Is preemptive control the answer?

News

Lacking plans about the use and regulation of artificial intelligence, use of drones, health stack, cybersecurity and Smart Cities, the manifesto does not have...

News

WhatsApp’s new policy lowers the age limit to 13, facing fierce criticism from child protection groups in Europe.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

NPCI CEO Dilip Asbe recently said that what is not written in regulations is a no-go for fintech entities. But following this advice could...

News

Notably, Indus Appstore will allow app developers to use third-party billing systems for in-app billing without having to pay any commission to Indus, a...

News

The existing commission-based model, which companies like Uber and Ola have used for a long time and still stick to, has received criticism from...

News

Factors like Indus not charging developers any commission for in-app payments and antitrust orders issued by India's competition regulator against Google could contribute to...

News

Is open-sourcing of AI, and the use cases that come with it, a good starting point to discuss the responsibility and liability of AI?...

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...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ