Nearly 80 percent of the companies from the payment industry has complied with the deadline of the norms for local storage of data issued by Reserve Bank of India (RBI) deadline coming to close on Monday, sources said.
Some of the firms that adhered to RBI’s deadline were Amazon, Paytm and WhatsApp. However, debit cards companies are the ones that have failed to meet the deadline.
The Reserve Bank is not contemplating review of its notification on data localisation norms, the sources said.
In April, the regulator had granted six months to global payment companies to stock up transaction data of Indian customers within India.
Although 80 per cent of the players operating in India have already complied with the Reserve Bank’S directive, some global financial technology companies have reportedly sought an extension to the October 15 timeline.
“The RBI will look at things on a case-to-case basis from tomorrow while handling the subject,” said one of the sources.