Data Localisation: RBI Allows Offshore Processing Of Payment Transactions But Insists On Local Storage

RBI has clarified that payment operators can process transactions overseas but must bring data to India within 24 hours

Rows of colored high end data cables are seen feeding into computer servers inside a comms room at a office (Photographer: Simon Dawson/Bloomberg)  

More than a year after the Reserve Bank of India asked all payment system operators to store transaction data only in India, the regulator has issued clarifications on some aspects of its rules. The clarifications allow payment companies to process transactions overseas but say that the data must eventually be stored in India.

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WRITTEN BY
Pallavi Nahata
Pallavi is Associate Editor- Economy. She holds an M.Sc in Banking and Fina... more
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