RBI To Review Data Storage Rules For Payment Firms

New Delhi: The Reserve Bank of India (RBI) will look into concerns about data storage rules that have been raised by companies, a government statement said on Tuesday.

The move comes months after entities such as Mastercard and Visa were forced to store more of their data locally in the country, news agency Reuters reported.

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

On Monday, Union Commerce Minister Piyush Goyal met technology companies and heard their concerns about various plans to push for more stringent rules on data storage.

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

An RBI representative at the meeting assured that the apex bank would “look into these concerns”.