Global payment firms have expressed concerns about the RBI's April directive and the issue is believed to have been on the agenda of US Secretary of
Global payment firms have expressed concerns about the RBI’s April directive and the issue is believed to have been on the agenda of US Secretary of State Mike Pompeo’s visit
Data on payments has to be stored in systems located “only in India” and data processed abroad has to be brought back to the country within 24 hours, said the Reserve Bank of India (RBI) on Wednesday, clarifying rules it had issued in April.
The central bank published a ‘Frequently Asked Questions’ clarification about its data localisation rules which have been opposed by American and Indian companies.
The central bank said Payment System Operators (PSO) can process transactions outside India, but “the data should be deleted from the systems abroad and brought back to India not later than the one business day or 24 hours from payment processing, whichever is earlier”.
“The complete end-to-end transaction details should be part of the data,” the RBI said.
Commerce and Industry Minister Piyush Goyal held a meeting on Monday with online players, including Amazon, Etsy India, Snapdeal, Paytm, eBay, Makemytrip and Swiggy, to discuss the government’s draft e-commerce policy, which centres around data localisation.
First Published: Wed, June 26 2019. 18:19 IST