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RBI seeks update on payments data storage every fortnight

RBI has asked payment services firms to provide a fortnightly update on action taken by them to store transaction data in the country. “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. According to the RBI order issued on April 6, all payment system providers including payments bank and 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 order was issued at the time social media major Facebook faced a global backlash over breach of user data.

Read More at The Financial Express News date : 10 Jun 2018, Sunday

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