India Post News Paper

Blog

 Breaking News

RBI asks all payment system operators to store data in India

RBI asks all payment system operators to store data in India
April 05
14:25 2018

MUMBAI: All payment system operators in the country will henceforth be required to store data within India to ensure safety and security of users’ information, the RBI said today.

The operators will be given six months’ time to comply with the directive of the central bank.

In recent times, the payment ecosystem in India has expanded considerably with the emergence of new payment systems, players and platforms.

“Ensuring the safety and security of payment systems data by adoption of the best global standards and their continuous monitoring and surveillance is essential to reduce the risks from data breaches while maintaining a healthy pace of growth in digital payments,” the RBI said in a statement on ‘Developmental and Regulatory Policies’.

The RBI further said that at present “only certain” payment system operators and their outsourcing partners store the payment system data either partly or completely in the country.

“In order to have unfettered access to all payment data for supervisory purposes, it has been decided that all payment system operators will ensure that data related to payment systems operated by them are stored only inside the country within a period of 6 months,” the central said.

The central bank will issue detailed instructions in this regard within one week.

The spotlight on data security comes at a time when social media giant Facebook has faced a global backlash over breach of user data. PTI

Comments

comments

Tags
RBI
Share

About Author

India Post Newspaper

India Post Newspaper

Related Articles

E-paper Latest Edition – November 26th, 2021

ADVERTISEMENT – ZEE5

ZEE 5 Subscription in USA

ADVERTISEMENT – NORTHLAKE NATOMAS

 NORTHLAKE NATOMAS

50 SPIRITUAL APPETIZERS – VINOD DHAWAN

50-ad-Indiapost

It’s a lovely book. It feels energetically clear and light. It’s easy to read, dip in and out and most importantly it offers information without fluff! Blessings on this project.

Jac O’Keeffe
Spirituality teacher based in USA.

*Available on Amazon, Flipkart & other online stores*

ADVERTISEMENT – JOBSORA- FIND A JOB NOW!

Jobsora Jobs

POPULAR CATEGORIES

Download Media Kit

India Post Media Kit