RBI asks all payment system operators to ensure data storage within India

amid data privacy concerns

Amid data security becoming a major issue internationally, the central banker Reserve Bank of India has directed all payment system operators including mobile wallets like Paytm to store data within India.

The directive is aimed at ensuring safety and security of users’ information.

The central banker said that the operators will be given six month’s time to comply with the directive.

It emerged that the central banker noticed how very few of the payment system operators and their outsourcing partners in the country store the payment system data.

The central bank emphasized the need to safeguard such platforms against data breach and other security concerns.

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