Paytm has allegedly written to the Internet & Mobile Association of India (IAMAI) in support of the proposed draft Data Protection Bill, 2018, reports the Economic Times. This was after IAMAI asked industry players for comments on the bill. Paytm also said that IAMAI’s views on the matter appeared to be ‘disconnected from the interests of Indian startups.’ MediaNama has reached out to Paytm and IAMAI for a comment and we will update the story if and when we hear from them. Paytm says that it is for data localisation which will benefit Indian startups 'create a strong consumer data protection framework that respects the privacy concerns of citizens', provide a level playing field for the Indian startup ecosystem all financial data of Indians must be considered as ‘Critical Personal Data’ and therefore stored and processed only in the country. It is worth noting that the draft data protection bill requires all data fiduciaries to store ‘critical personal data’ within India only. In April, the RBI directed that all payments system operators working in India store payment systems data in India only within 6 months (in effect from October 15). However, the bill does not define ‘critical data’ explicitly. Paytm said that 6 months was ‘practical’ enough for companies to adhere to the central bank’s guidelines In May, the Payments Council of India (PCI), which has around 100 payments firms members, sought a meeting with the RBI to suggest “alternative solutions which can meet the RBI requirements of unfettered access”, according to a report. IAMAI: Data Privacy Bill an…
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