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RBI directs payment operators to keep data within India


RBI directs payment operators to keep data within India

New Delhi, Apr 06 (ANI): The Reserve Bank of India directed all payment system operators in India to store data within the country. The payment system operators have been asked to ensure that data related to payment systems operated by them are stored only inside the country.

Payment system operators will be given six months to make the necessary transition. The central bank directed all regulated entities including banks not to provide services to businesses dealing in virtual currencies (VCs) like bitcoins, so as to protect consumer interest and check money laundering.

The RBI also asked entities which are already into such services to stop providing the same within three months.

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