Four payment system operators have yet to comply with the RBI’s 2018 circular on data localisation, while 72 others have complied with it, the Lok Sabha was informed on Wednesday.
The Reserve Bank of India (RBI) had in April 2018 issued a circular on ‘Storage of Payment System Data’ advising all system providers to ensure that within a period of six months, the entire data relating to payment systems operated by them is stored in a system only in India.
“As per RBI, out of 76 operational authorized non-bank payment system operators (PSO), 72 have complied with the requirements of this circular. The remaining 4 entities are yet to comply and are being monitored by RBI for full compliance,” Minister for Electronics and IT Ravi Shankar Prasad said in a written reply.