Earlier in April this year, the RBI passed a directive that all payment providers operating in India have to store payments related data in India. The regulator gave a hard, 6-month deadline for the companies to comply and store all payments-related data locally. The Draft Personal Data Protection Bill, 2018, was released in July, with its own requirements for data localisation, compounding the confusion. MediaNama held a round-table discussion on localisation of fintech data on 23rd November. What follows are the main arguments made around issues surrounding the policy. The discussion was held under the Chatham House Rule, therefore, quotes have not been attributed to persons, their affiliations or organisations have been withheld. This is the second part of the discussion, read the first part here. Quotes are not verbatim, have been edited for clarity and brevity, emphasis has been added. Each point was made by a different person. On the question of data and its storage In the e-commerce policy, data would be mandatorily given to a public KYC registry; and startups with revenues of up to Rs 50 crores would be able to get access to data. Some other company’s data is converted to a public asset, step 1, step 2 is, small startups can basically act as someone else’s data. How would that be operationalised? Will this hold up in court? Internet companies work on a central, graph API that’s not located in any country, it’s open to all. That’s how good or bad actors can get…
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