Letter to BS: Global majors seek US help on RBI data norms

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