RBI To Review Data Storage Rules For Payment Firms

New Delhi: The Reserve Bank of India (RBI) will review data storage rules for payment firms after concerns regarding the same were raised by companies, a government statement said on Tuesday.

This comes months after firms like Mastercard and Visa were forced to store more of their data locally in the country.

The RBI last year mandated companies to store their payments data “only in India” so that the regulator could have “unfettered supervisory access”.

The apex bank said the review of data storage rule would facilitate better data access and hassle-free investigations.

“All the companies who were represented in this meeting put forth their concerns related to RBI data storage requirements and processing related guidelines issued by the RBI,” the government statement said.

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