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Exclusive: India proposes easing local data storage rules for foreign payment firms - document

Reuters  |  NEW DELHI 

By Aditi Shah and Aditya KalraNEW DELHI (Reuters) - India's finance ministry has proposed relaxing a directive from the country's central bank that would compel global payment firms to store customer data only locally, following weeks of intense lobbying by U.S. companies and trade bodies. Easing the proposal would be a relief for firms including MasterCard, Visa and American Express, which fear India's data onshoring move could cost them millions of dollars and set a precedent for other major governments to implement similar rules at a time when there is heightened scrutiny of how companies ...

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First Published: Wed, July 11 2018. 21:08 IST