Banking And InsuranceCryptocurrencyDigital MarketingErpFood And BeveragesHealthcareLegalMarketing And AdvertisingMedia And EntertainmentMetals And MiningOil And GasRetailTelecom
Artificial IntelligenceBig DataCloudCyber SecurityE CommerceEducationGaming And VfxIT ServiceMobileNetworkingSAPScience And TechnologySecuritySoftwareStorage
CiscoDatabaseGoogleIBMJuniperM2MMicrosoftOracleOracleRed Hat
CEO ReviewCompany Review

The Silicon Review Asia

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.


Tariff plans will cost higher from the next financial year as telecom companies are gearing up to increase rates

The ongoing Covid pandemic had significantly increased the number of mobile and internet users worldwide. The high amount of usage is expected to drop...

Business Travelers to Stay at Singapore’s Changi Airport Bubble

Singapore’s open economy depends heavily on tourism and business. But its vibrant but small economy has been hurting as the circumstances due to...

Countries in Asia-Pacific are marching towards ‘green recovery’ amidst Covid-19 crisis

2020 has been an unforgettable year for many of us. The ongoing Covid crisis has reminded people that it is very important to have an uninterrupted an...

Department of Telecommunication to announce the new schedule for 5G trials

Department of Telecommunications (DoT) is all set to announce the new schedule for 5G trials. The Dot made this decision after being pulled by the par...