 "payment bank")
The Reserve Bank of India (RBI) recently mandated that payment companies physically store Indian citizens’ payment data in India. Companies will have six months to comply. The RBI's aim is to protect the sensitive financial information of Indian citizens.
Local Indian players are hailing the move as it would give them a time advantage while global players re-organise their data storage to comply with regulations. However, it is worthwhile for payment operators to consider the impact on the industry as a whole.
Impact on payment industry
India’s digital payment market is expected to hit $1 trillion by
Local Indian players are hailing the move as it would give them a time advantage while global players re-organise their data storage to comply with regulations. However, it is worthwhile for payment operators to consider the impact on the industry as a whole.
Impact on payment industry
India’s digital payment market is expected to hit $1 trillion by
Disclaimer: These are personal views of the writer. They do not necessarily reflect the opinion of www.business-standard.com or the Business Standard newspaper
