Storage of Payment System Data

RBI issued a notification mandating data localisation for payment services, as a solution to ensure privacy and data protection. It required all system providers to ensure that the entire data relating to payment systems operated by them are stored in a system only in India. This data should include the full end-to-end transaction details, information collected, carried, processed as part of the message / payment instruction. Moreover, the System providers were required to comply within a period of six months and report compliance of the same to the Reserve Bank by October 15, 2018.

Read more:

Related Posts