 "RBI firm on data localisation; 80% of firms to comply by Oct 15 deadline")
The Reserve Bank of India (RBI) will stick to its data-localisation directive and the October 15 deadline to comply with it, the central bank strongly communicated in a meeting with payments services providers on Wednesday.
This comes as a major blow to global firms engaged in active lobbying to water down the RBI’s diktat. Most of these are now understood to have presented their plans for a full compliance, effective October 16.
Out of 80 payments services providers that were told to store data locally, and not mirror it outside India, 64 said they were ready with local data storage. The fully
