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Finmin proposes relaxing RBI directive on data storage for payment firms

The proposal comes as a relief for companies including MasterCard, Visa and American Express that fear India's data onshoring move could cost them millions of dollars

Reuters  |  New Delhi 

India's finance ministry has proposed relaxing a directive from the Reserve Bank of India (RBI) to compel global payment firms to store customer data locally, a document seen by Reuters shows, following weeks of intense lobbying by US companies and trade bodies. The proposal comes as a relief for companies including MasterCard, Visa and American Express that fear India's data onshoring move could cost them millions of dollars and set a precedent for other major governments to implement similar rules at a time when there is heightened scrutiny on how companies globally handle ...

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First Published: Thu, July 12 2018. 01:50 IST
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