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1-min read

RBI Data Storage Regulations for Payment Firms to be Released Soon

The meeting between India's commerce minister and the primary payment and finance companies operating in the country have raised the need for firm, clear regulations on storage of sensitive data.

Reuters

Updated:June 18, 2019, 2:27 PM IST
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RBI Data Storage Regulations for Payment Firms to be Released Soon
The meeting between India's commerce minister and the primary payment and finance companies operating in the country have raised the need for firm, clear regulations on storage of sensitive data.
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The Reserve Bank of India (RBI) will look into concerns about data storage rules that have been raised by companies, a government statement said on Tuesday, months after entities such as Mastercard and Visa were forced to store more of their data locally in the country. The RBI last year mandated companies to store their payments data “only in India” so that the regulator could have “unfettered supervisory access”.

On Monday, India’s commerce minister met technology companies and heard their concerns about various federal plans to push for more stringent rules on data storage, which government officials say would help them better 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 statement said. The RBI representative, who also attended the meeting, assured that it would “look into this”, the statement added.

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