What’s happening with RBI’s data localization rules?

On 6 April 2018, the Reserve Bank of India ordered global payment companies to store all data on transactions of Indian customers in India. The regulator then said, “All system providers shall ensure that the entire data relating to payment systems operated by them are stored in a system ‘only’ in India.”

The idea behind this “data localization” mandate was to ensure “better monitoring” and “unfettered supervisory access” to data stored with payment system providers, according to the RBI guidelines. And payments companies were then given till 15 October 2018 to comply with these data localization norms.

But the deadline …

Author

Arti Singh

Arti is a former writer at The Morning Context. She previously worked with publications such as ET Prime, VCCircle, Firstpost and EETimes. Arti has keenly tracked the evolution of financial technology in India and written some of the defining pieces on the ecosystem as it birthed and matured. Even when not writing about it, she loves to dissect the revenue models, margins and regulations that are shaping the sector.

artisingh@mailtmc.com