India: RBI released Regulatory Framework for Digital Lending including provisions on data localisation
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Description
RBI released Regulatory Framework for Digital Lending including provisions on data localisation
On 10 August 2022, the Reserve Bank of India ("RBI") launched its regulatory framework for digital lending, which includes requirements on data localisation and storage. The framework is based on the report of the Working Group on digital lending, including lending through online platforms and mobile apps. According to Annex 1 of the framework, companies should ensure that all data is stored on India-based servers while complying with regulatory directions and legal obligations.
Original sourceScope
Policy Area
Data governance
Policy Instrument
Data localisation requirement
Regulated Economic Activity
digital payment provider (incl. cryptocurrencies)
Implementation Level
national
Government Branch
executive
Government Body
central bank