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Share Update on Data Storage Measures, RBI asks Payments Service Providers
June 12, 2018
In view of the rising threats around data security in India, central bank RBI has asked the payment service firms to share an update on their compliance measures for the storage of payment data in India.
RBI issued a letter in which it seeks an update from the payment firms by June 8, 2018 regarding the order dated April 6, 2018. It also said that it should be provided fortnightly updates on the progress with the order as well.
On April 6, RBI had ordered all the payment service providers including payment gateways and payments banks to ensure that they store the data of all the transactions only in India within 6 months.
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