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Foreign payment firms can keep copies of customer data in India, says govt

The RBI in April said the payment ecosystem in India had expanded considerably

Reuters  |  New Delhi 

Foreign payment firms could keep copies of customer data in India while retaining offshore storage operations, the government said, as a way to resolve a row with MasterCard, Visa and American Express over the localisation of such information. A decision by India's central bank in April that all payments data should, within six months, be stored only in the country for "unfettered supervisory access" has led to furious lobbying by global firms that worry it would cost them millions of dollars. India's Economic Affairs Secretary S.C. Garg said that keeping data ...

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First Published: Sun, August 05 2018. 16:26 IST