RBI to look into data storage rules for payment firms: Government

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The Reserve Bank of India (RBI) will examine the concerns about the data storage rules which have been raised by the companies, the government said in a statement.

RBI

The central bank last year in April had asked payment firms to ensure their data is stored exclusively in India so that the regulator could have unfettered supervisory access. A deadline of six-month was also set up for compliance.

 However, the deadline was said to have been missed by foreign firms including credit card giants Visa and Mastercard.

Commerce and Industry Minister Piyush Goyal on Monday had a meeting with the  technology companies and heard their concerns about various federal plans to push for more stringent rules on data storage, on which government officials said it will help them better to access data and conduct investigations.

“All the companies who were represented in this meeting put forth their concerns related to RBI data storage requirements and processing related guidelines issued by the RBI,” the government said in a statement.

The RBI representative, who also attended the meeting, assured that it would “look into this”, the statement added.

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