RBI Issues Two New Policies to Payment Operators
The RBI ordered all payment system operators in the territory of India to stop exporting their financial data outside the country.
While announcing its bi-monthly monetary policy statement, the RBI also pointed out that in order to facilitate their access to all payment data for supervisory purposes, payment system operators are bound to keep all related data collected they possess stored exclusively within the territory of India. The RBI further announced that it is granting six months to all payment system operators to transition to this new policy and make necessary amendments to their systems.
Additionally, all regulated financial institutions, including banks will not be allowed to provide any financial services to businesses dealing with virtual currencies (VCs) such as bitcoin...