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All payment system operators will have to keep data in the country: RBI

The central bank will issue detailed instructions in this regard within one week

Press Trust of India  |  Mumbai 

RBI, Reserve Bank of India

All in the country will henceforth be required to store within to ensure safety and security of users' information, the said on Thursday.

The operators will be given six months' time to comply with the directive of the central bank.

In recent times, the payment ecosystem in has expanded considerably with the emergence of new payment systems, players and platforms.

"Ensuring the safety and security of payment systems by adoption of the best global standards and their continuous monitoring and surveillance is essential to reduce the risks from breaches while maintaining a healthy pace of growth in digital payments," the said in a statement on 'Developmental and Regulatory Policies'.

The further said that at present "only certain" and their outsourcing partners store the payment system data either partly or completely in the country.

"In order to have unfettered access to all payment data for supervisory purposes, it has been decided that all will ensure that data related to payment systems operated by them are stored only inside the country within a period of 6 months," the central said.

The central bank will issue detailed instructions in this regard within one week.

The spotlight on data security comes at a time when social media giant has faced a global backlash over breach of user data.

First Published: Thu, April 05 2018. 16:33 IST