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While Processing Can Be Done Abroad, Payments Data Has To Be Stored in India: RBI Clarifies
The RBI headquarters in Mumbai. (GettyImages)
Furthering its pursuit on data localisation in e-commerce, the Reserve Bank of India (RBI) has clarified that payment system providers need to ensure that the entire payments data is stored only in India, reports The Hindu.
The RBI said there is no limit for data processing of payment transactions outside the country, but the Payment System Operators (PSOs) must ensure that the data is stored only in India after processing.
“The data should include end-to-end transaction details and information pertaining to payment or settlement transaction that is gathered/transmitted/processed as part of a payment message/instruction,” the RBI said answering to the frequently asked questions (FAQ) on the storage of payment system data regulations by the APSOs.
Once the processing is done abroad, data has to be deleted from systems in abroad, and brought back to India within one business day or 24 hours from the payment processing, whichever is earlier, the RBI clarifies.
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