Home > News > Technology News > Detail
Bookmark and Share

Exclusive: India finance minister proposes relaxing local data storage rules for payment firms

2018-07-11 23:00    Investing

Exclusive: India finance minister proposes relaxing local data storage rules for payment firms Technology News

© Reuters. FILE PHOTO: A man checks his phone outside the RBI headquarters in Mumbai

By Aditi Shah and Aditya Kalra

NEW DELHI (Reuters) - India's finance ministry has proposed relaxing a directive from the country's central bank to compel global payment firms to store customer data locally, a document seen by Reuters shows, following weeks of intense lobbying by U.S. companies and trade bodies.

The proposal comes as a relief for companies including MasterCard, Visa and American Express (NYSE:AXP) that fear India's data onshoring move could cost them millions of dollars and set a precedent for other major governments to implement similar rules at a time when there is heightened scrutiny on how companies globally handle their customers' data.

Foreign payment companies were caught off guard in April by the Reserve Bank of India's (RBI) one-page directive that said all payments data should within six months be stored only in the country for "unfettered supervisory access".

India's finance ministry, in a meeting held in June with RBI officials and executives from payment companies, said that a possible solution could be that companies store a copy of the data in India as well as storing it elsewhere.

The ministry has also proposed clarifying the kind of data that needed to be stored and the time given to implement the directive, according to a copy of the minutes of the meeting reviewed by Reuters.

The companies were most concerned about the directive to store the data only in India with restrictions on cross-border storage or movement.

0 traders reviewed this item, please leave a reply!

About FXYEAH | Broker Listing | Contribute | Contact Us | Sitemap | TagCloud
Disclaimer: All contents of site are only for your reference, don't suggest you do any investment decision, you should be responsible for your decision.