RBI’s local data storage norms kick in today

RBI’s deadline for global financial technology (fintech) companies to comply with its data localisation norms kicks in on Monday.

Senior officials said the deadline will not be deferred despite requests from foreign companies as they have already been given six months to prepare their systems for local storage of data.

Mastercard, Visa, PayPal, Google, Amazon and Facebook are reported to have met Finance Minister Arun Jaitley earlier this month to secure an extension of the deadline for local storage of payments data.

Foreign payment companies were caught off guard in April by RBI’s one-page directive that said all payments data should, within six months, be stored only in the country for “unfettered supervisory access”.

The RBI had made it clear that global payment companies will have to store transaction data of Indian customers within India. The US government is backing its tech giants on the issue. “We want to have prohibitions on data localisation to ensure free flow of information, free flow of data across borders,” Dennis Shea, deputy US trade representative said in Washington on Friday.

 

 

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