Data Storage In India: Visa, Mastercard among 15 payment firms yet to comply with RBI norms - News Summed Up

Data Storage In India: Visa, Mastercard among 15 payment firms yet to comply with RBI norms


13,258.62 million debit and credit card transactions worth Rs 38.21 lakh cr in FY18, up from 10,038 million transactions valued at Rs 29.39 lakh cr in FY16. 13,258.62 million debit and credit card transactions worth Rs 38.21 lakh cr in FY18, up from 10,038 million transactions valued at Rs 29.39 lakh cr in FY16. With the Reserve Bank of India’s deadline to comply with storing of data relating to payment systems within India set to expire on October 15, at least 15 payment firms, including Visa and Mastercard, are yet to fall in line and build a data storage system in the country. According to top-level government sources, out of about 78 payment firms, around 62 have complied with the RBI directive and set up local data storage systems in India. “It is observed that not all system providers store the payments data in India.


Source: Indian Express October 11, 2018 21:18 UTC



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