The RBI’s deadline of 15 October for all payment system operators to comply with the central bank’s data localisation norms just went by. Companies like Visa, American Express, Facebook, PayPal, Mastercard, Google and WhatsApp are required, as per the Reserve Bank’s directive, to ensure that the “entire data relating to payment systems operated by them are stored in a system only in India.”
“The RBI has a fair ask here, but they seemed to have rushed the matter. Global companies should have been given at least a 12-month horizon, with more clarity on guidelines around data storage, how much to store, what to store, and the tenure. It is not about putting a hardware somewhere, it is also about processes and it takes time,” said Sanchit Gogia, Chief Analyst, founder and CEO at advisory firm Greyhound Research.
Sanchit Vir Gogia: Sanchit is the Chief Analyst, Founder & CEO of Greyhound Research, an award-winning global research & advisory firm. To read more about him, click here.
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