American multinational financial services firm, Mastercard has proposed a ‘certain’ date to the Reserve Bank of India from which it will begin deleting data of Indian customers from its global servers, reports Business Standard (BS).
In April 2018 RBI issued a new regulation which mandated payment companies to store all information of transactions made by Indians to be stored only inside India, which came to effect on 16 October 2018.
India and Division President, South Asia Master Card, Porush Singh, said the company is operating in over 200 countries, and no other country has asked to delete data from global servers.
The company has started to store all data of new transactions in its technology centre in Pune beginning from 6 October and is waiting for the nod of RBI to commence the deletion of data from global servers.
"The proposal we have given is that we will delete it from everywhere else, whether it is the card number, transaction details. The data will only be stored in India. We will start deleting that.." added Singh.
He further said that deleting data is not a press of a button because, “people can charge you...dispute the transactions, that all in process ... it needs multiple players, multiple stakeholders. We have given them (RBI) a proposal and we are waiting for them to confirm back.”
As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.
Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.
We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.
Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.