As the deadline for payment companies to comply with the Reserve Bank of India’s (RBI) data localisation rule ran out, major payment network players, including Visa and Mastercard, were in breach. While there was no official word on the status from the RBI, banking industry sources said that of the 78 payment companies in the country, 15 are yet to comply with.
“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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