Payment Data related Info should be Stored in India: RBI
The Reserve Bank of India said all India related payments data must be stored only in India and data processed abroad will have to be brought back to the country within 24 hours.
"The entire payment data shall be stored in systems located only in India," the RBI said in its FAQs on certain implementation issues raised by the Payment System Operators (PSOs).
The RBI had issued a directive in April 2018 on 'Storage of Payment System Data'. It had advised all system providers to ensure that within a period of six months, the entire data relating to payment systems operated by them is stored in a system only in India.
The FAQs further said there is no bar on the processing of payment transactions outside India if so desired by the PSOs.
"However, the data shall be stored only in I...