Letter to BS: Global majors seek US help on RBI data norms
These companies are authorised to carry out operations in India and hence need to comply with the regulatory norms prevalent here
premium
With reference to the news item “Global majors seek US help on RBI data norms” (July 14), I agree with the rationale of the Reserve Bank of India (RBI) requirement from authorised payment system operators to store their data pertaining to India within the country. These companies are authorised to carry out operations in India and hence need to comply with the regulatory norms prevalent here just like Indian companies and banks based in the US and EU countries are expected to adhere to laws and regulations laid down in those countries. Seeking to build pressure on the RBI and the government from foreign governments and regulators to dilute the regulatory requirements is quite unethical and the authorities should not yield to such pressures. The way out of this problem is that payment data relating to Indian transactions should primarily be stored in the country but a protocol should be put in place to share this data with foreign governments and regulators only for clearly laid down and specific reasons. I think this is the way forward.