Question
Which of the following Statements about the RBI’s
“Storage of Payment System Data” directive is/are True? I- All system providers need to ensure that the entire data relating to payment systems operated by them is stored in a system only in India. II- Data stored in India should include end-to-end transaction details and info about payment transactions. III- If the data is processed outside of India, that must be brought back to the country within 24 hours.Solution
The Reserve Bank of India in its directive on 'Storage of Payment System Data' has made it clear that entire payment data shall be stored in systems located only in India. All system providers need 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. Data stored in India should include end-to-end transaction details and info about payment transactions. All data related to payments must be stored only in India and data processed (in case the processing is done abroad) will have to be brought back to the country within 24 hours.
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