“You are hereby advised to inform the status of ensuring compliance…The same shall be submitted by June 8, 2018, followed by an update on progress at fortnightly intervals thereafter,” the RBI said in the letter referring to its order dated April 6, 2018.
A payment bank official on the condition of anonymity confirmed receipt of the RBI letter.
According to the order issued on April 6, all payment system providers including payments bank, payment gateways are required to ensure that full end-to-end transaction details relating to payment systems operated by them are stored in a system only in India within a period of six months from the date the order was issued.
The RBI has said that ensuring the safety and security of payment systems data by adoption of the best global standards and their continuous monitoring and surveillance is essential to reduce the risks from data breaches while maintaining a healthy pace of growth in digital payments.
The banking regulator had further said that at present “only certain” payment system operators and their outsourcing partners store the payment system data either partly or completely in the country.
The order was issued at the time social media major Facebook faced a global backlash over breach of user data.
Bhupendra Singh Chundawat is a seasoned technology journalist with over 22 years of experience in the media industry. He specializes in covering the global technology landscape, with a deep focus on manufacturing trends and the geopolitical impact on tech companies. Currently serving as the Editor at Udaipur Kiran, his insights are shaped by decades of hands-on reporting and editorial leadership in the fast-evolving world of technology.
