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RBI sticks to October 15 deadline for data localisation

Press Trust of India  |  New Delhi 

The RBI will not relax the October 15 deadline for global (fintech) companies to comply with its data localisation norms in the public interest, according to sources.

The central in April gave six months time to global payment companies to store transaction data of Indian customers within The RBI's data localisation norms will kick in from Monday.

According to the sources, global fintech companies reportedly sought an extension of the October 15 deadline but it seems that the RBI is not inclined to relax the norms.

Data localisation requires data about residents be collected, processed, and stored inside the country, often before being transferred internationally, and usually transferred only after meeting local privacy or data protection laws.

Although domestic companies have welcomed the guidelines, global companies fear increase in their expenses for creation of local servers.

To avoid this rise in cost, global companies in recent meeting with the RBI proposed to provide mirror data instead of original data to which the central did not agree, the sources said.

Last week, Minister met RBI B P Kanungo to discuss RBI's data localisation norms. The meeting was also attended by Subhash Chandra Garg, and

The RBI in April said in order to ensure better monitoring of payment service operators it is important to have unfettered supervisory access to data stored with these system providers as also with their service providers/ intermediaries/third party vendors and other entities in the payment ecosystem.

All system providers shall ensure that the entire data relating to payment systems operated by them are stored in a system only in India, it had said.

The RBI further said data should include the full end-to-end transaction details, information collected/carried/ processed as part of the message/payment instruction.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sun, October 14 2018. 10:50 IST