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RBI forcing global payment companies to store data locally
- Thursday | 11th October, 2018
WhatsApp has built a system to store its payment data locally, the company said on Tuesday. They also repeatedly sought dilution of the RBI directive, requesting that they be allowed to store data both locally and at their offshore offices, a practice widely known as ‘data mirroring’. The RBI in April said all payments data should within six months be stored only in the country for “unfettered supervisory access”. NEW DELHI (Reuters) – The Reserve Bank of India (RBI) will implement in full its directive that forces global payment companies to store data locally from this month, four sources told Reuters, a blow to the firms who had lobbied to dilute the measure. The directive is part of a wider push by India to ask companies to store more of their data locally at a time when governments globally are enforcing more stringent rules to protect user data.
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