Synopsis
The mandate was issued without inputs from stakeholders and the lack of customary consultation meant that alternative solutions to enable regulatory access remain unexplored. Further, it puts the NCPI, Indian banks, and fintech firms operating in foreign jurisdictions at the risk of reciprocal measures.
In the summer of 2018, the Reserve Bank of India (RBI) said payment firms in India should ensure that their data is stored exclusively on local servers. The banking regulator also set a six-month deadline to comply with its April circular aimed at gaining access to payments data that may be territorially beyond its jurisdiction. But more than half a decade since that announcement, RBI’s data localisation mandate continues to be a subject of
Uh-oh! This is an exclusive story available for selected readers only.
Worry not. You’re just a step away.
