RBI Sets Time Limit Of 24 Hours To Payment Data Restoration

The Reserve Bank Of India has taken the stand of localization of payment data and said that all the payment related data has to be restored in India.

If the data gets processed outside from the country the entities should have to bring them back within 24 hours.
On Wednesday the regulator clarified that not only the banks which are operating in India comes under this attribution but also the payment firms.
RBI said in a note released on Wednesday, ” There is no bar on the processing of payments transactions outside India if so desired by the payment system operator (PSOs). However, the data shall be stored only in India after the processing.”

It also added, “The data should be deleted from the systems abroad and brought back to India not later than one business day or 24 hours from the payment processing, whichever is earlier.”

A top executive of a global payment Company in India had asked,” The RBI has issued a few lines for data localization, there is no detailed note on the matter, whereas bringing payments data into India for storage is a humongous task for multinationals”, after the directives were released.