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RBI says Payment Data Must be Stored in Systems that is Located in India

RBI says Payment Data Must be Stored in Systems that is Located in India

The information of any payment transaction made in India will now be saved or stored in the country and nowhere else. The Reserve Bank of India (RBI) confirms this news and also said that if there is any data that is being used or stored abroad will be brought back within a 24-hour time frame. That being said the entire payment data shall be now placed in India. Many payment system operators did raise this problem and to provide a solution RBI came up with this plan.

The data that is stored abroad will be deleted and brought back to India. This clarification has come a week after the government said the RBI will take action on the data-localization guidelines. The payment platform providers have always been concerned about the safety of its customers. Data transaction along with other confidential information needs to be protected and that is why these payment platform providers seek aid from abroad for storage. That being said, banks agree to this move since they will need immediate access to data and by localizing the data storage, it will be easy to solve disputes of all customers.


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