The Reserve Bank of India is unlikely to extend the October 15 deadline for the payments ecosystem players to set up a facility to store transaction-related data in India. Those players that do not comply with the central bank’s April 2018 circular could face penalties and restrictions on operations.
“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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