GET Stock QuotesNews18 APP
News18 English
Powered by cricketnext logo
»
1-min read

Finance Ministry Proposes Relaxing Local Data Storage Rules for Payment Firms

The proposal comes as a relief for companies including MasterCard, Visa and American Express that fear India's data onshoring move could cost them millions of dollars and set a precedent for other major governments to implement similar rules at a time when there is heightened scrutiny on how companies globally handle their customers' data.

Reuters

Updated:July 11, 2018, 8:35 PM IST
facebookTwittergoogleskypewhatsapp
Finance Ministry Proposes Relaxing Local Data Storage Rules for Payment Firms
A file photo of Reserve Bank of India.
New Delhi: Finance Ministry has proposed relaxing a directive from the Reserve Bank of India (RBI) to compel global payment firms to store customer data locally, a document seen by Reuters shows, following weeks of intense lobbying by US companies and trade bodies.

The proposal comes as a relief for companies including MasterCard, Visa and American Express that fear India's data onshoring move could cost them millions of dollars and set a precedent for other major governments to implement similar rules at a time when there is heightened scrutiny on how companies globally handle their customers' data.

Foreign payment companies were caught off guard in April by the Reserve Bank of India's (RBI) one-page directive that said all payments data should within six months be stored only in the country for "unfettered supervisory access".

The finance ministry, in a meeting held in June with RBI officials and executives from payment companies, said that a possible solution could be that companies store a copy of the data in India as well as storing it elsewhere.

The ministry has also proposed clarifying the kind of data that needed to be stored and the time given to implement the directive, according to a copy of the minutes of the meeting reviewed by Reuters.

The companies were most concerned about the directive to store the data only in India with restrictions on cross-border storage or movement.

Also Watch

| Edited by: Sana Fazili
Read full article
Most Active
Company Price Change %Gain
Ashok Leyland 117.35 -11.20 -8.71
HDFC Bank 2,196.25 +19.50 +0.90
Tata Steel 507.35 -25.00 -4.70
Lupin 809.50 -17.90 -2.16
Federal Bank 85.40 -2.90 -3.28
Company Price Change %Gain
Bharti Airtel 335.90 -6.35 -1.86
Edelweiss 288.75 -1.30 -0.45
Ashok Leyland 117.35 -11.15 -8.68
Tata Steel 507.65 -24.85 -4.67
Emami 550.55 +20.00 +3.77
Top Gainers
Company Price Change %Gain
Indiabulls Hsg 1,199.85 +47.25 +4.10
ONGC 162.45 +6.30 +4.03
IOC 167.00 +2.55 +1.55
BPCL 398.05 +5.40 +1.38
HDFC 2,014.80 +25.50 +1.28
Company Price Change %Gain
ONGC 162.45 +6.35 +4.07
HDFC 2,015.90 +25.85 +1.30
HDFC Bank 2,195.80 +19.10 +0.88
Yes Bank 382.85 +2.10 +0.55
Asian Paints 1,388.10 +10.20 +0.74
Top Losers
Company Price Change %Gain
Tata Steel 507.35 -25.00 -4.70
Tata Motors 248.75 -9.20 -3.57
Hindalco 212.70 -6.80 -3.10
Vedanta 204.00 -6.10 -2.90
UPL 554.80 -16.20 -2.84
Company Price Change %Gain
Tata Steel 507.65 -24.85 -4.67
Tata Motors 248.90 -8.70 -3.38
Vedanta 204.45 -5.70 -2.71
Bharti Airtel 335.90 -6.35 -1.86
HUL 1,650.30 -33.45 -1.99