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RBI firm on data localisation; 80% of firms to comply by Oct 15 deadline

Despite a suggestion from the finance ministry to allow data mirroring instead of exclusive storage, the RBI did not budge

Topics
Rbi  |  Swift  |  Digital Payments

Nikhat Hetavkar  |  Mumbai 

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 ...

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First Published: Thu, October 11 2018. 21:35 IST
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